• Proposed Guidance on FBARS & Foreign Persons
  • September 27, 2010
  • Law Firm: Procopio, Cory, Hargreaves & Savitch LLP
  • Section 5314(a) of Title 31 of the United States Code provides the statutory basis for the filing of Treasury Form TDF 90-22.1 “Report of Foreign Bank and Financial Accounts” (the so-called “FBAR”). The law is not new. It is part of the Bank Secrecy Act enacted in 1970, nearly forty years ago.