NEW YORK (CNNMoney) -- The IRS has raked in more than $5 billion from offshore tax cheats since 2009 through its voluntary disclosure programs.
Designed to lure in tax evaders with reduced penalties and the promise of avoiding jail time, the programs require offenders to offer up information about their offshore bank accounts and to pay back taxes. The agency launched its first voluntary disclosure program in 2009 and its second in 2011. This January, the agency introduced its third program.
So far, the IRS has netted $5 billion in back taxes, interest and penalties from 33,000 taxpayers who 'fessed up to offshore accounts under the first two programs, the agency announced Tuesday.
Another 1,500 voluntary disclosures have been made under the new program announced in January, which is expected to bring in even more money for the agency once it has been collected.
In January, the IRS announced it had brought in $4.4 billion from its first two programs, meaning it has collected more than $600 million since then.
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"We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not footing the bill for those hiding assets offshore," said IRS Commissioner Doug Shulman. "People are finding it tougher and tougher to keep their assets hidden in offshore accounts."