Big Four firm PricewaterhouseCoopers has warned individuals who have undisclosed offshore funds to notify HM Revenue and Customs before they are penalised under a disclosure amnesty that will be in force later this year. Those with offshore accounts have been urged to declare unpaid liabilities as now it is a 'critical' time if they want to 'minimise the costs and other consequences of their mistakes'. HMRC could be set to recover over £2bn through unpaid taxes with its New Disclosure Opportunity amnesty and is currently looking to access the details of individuals who hold accounts in over 500 UK and foreign bank accounts and building societies. The NDO will give the chance for people to disclose their offshore assets with lower than normal penalty charges if they do so before March 2010. Steven Camm, tax partner at PwC said that people shouldn't ignore the situation and 'act promptly to avoid becoming a target for HMRC investigation'