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Criminal Enforcement of FBAR Filing Requirements
With this year's June 30 deadline for the Foreign Bank Account Reports (FBAR) fast approaching, it's worth considering the federal government's increased attention to the FBAR rules. Though criminal and civil enforcement relating to persons failing to comply with FBAR reporting requirements has been rare, the IRS (now the agency principally responsible for FBAR compliance) appears to be gearing up to investigate and prosecute willful violators. This new emphasis, together with the IRS's ever-expanding ability to obtain once secret information from foreign jurisdictions, suggests that we will be seeing more investigations and prosecutions in this area.
FBAR Reporting Requirements
The FBAR reporting requirements are grounded in the Bank Secrecy Act of 1970 (BSA), which resulted from congressional concern that financial institutions in countries with bank secrecy laws were being extensively used to violate or evade domestic criminal, tax, and regulatory requirements. Pursuant to the BSA, the Treasury Department promulgated 31 C.F.R. ' 103.24, which provides:
(a) Each person subject to the jurisdiction of the United States (except a foreign subsidiary of a U.S. person) having a financial interest in, or signature or other authority over, a bank, securities or other financial account in a foreign country shall report such relationship to the Commissioner of the Internal Revenue for each year in which such relationship exists, and shall provide such information as shall be specified in a reporting form prescribed by the Secretary to be filed by such persons '
The prescribed form, Form TD F 90-22.1, is entitled Report of Foreign Bank and Financial Accounts (FBAR). It was last revised in July 2000 and is available on the IRS Web site at www.irs.ustreas.gov.
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