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|FOR IMMEDIATE RELEASE
February 24, 2011
|CONTACT: Steve Hudak
FinCEN Issues Final Rule on Foreign Bank and Financial Accounts Report (FBAR) Responsibilities
VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN) today issued a rule that amends the Bank Secrecy Act (BSA) implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR). The FBAR filing requirements, authorized under one of the original provisions of the BSA, have been in place since 1972. The FBAR form is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. No report is required if the aggregate value of the accounts does not exceed $10,000.
On February 26, 2010, FinCEN issued a Notice of Proposed Rulemaking (NPRM) addressing the FBAR rules. The final rule adopts the proposed changes with slight modifications. The preamble to the final rule explains FinCEN's approach to issues raised in comments submitted in response to the NPRM from tax professionals and industry experts. The preamble to the final rule:
The rule as published in the Federal Register is available on www.FinCEN.gov. The IRS will soon publish instructions for completing the FBAR form.
F inCEN's mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.