The Financial Crimes Enforcement Network ("FinCEN"), a bureau of the United States Department of the Treasury (the "Treasury"), recently amended the regulations requiring certain United States persons to file reports of foreign financial accounts on Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the "FBAR"). The new regulations are effective as of March 28, 2011 and apply to FBARs that are required to be filed by June 30, 2011 with respect to (i) foreign financial accounts maintained in calendar year 2010 for which a person has a financial interest in, or signature or other authority over, such accounts and (ii) foreign financial accounts maintained in calendar year 2009 and prior calendar years for which a person has signature or other authority over (but no financial interest in) such accounts.
The FBAR form and its instructions were recently amended to reflect the changes made in the new regulations. This Alert provides a brief summary of the new regulations and the revised FBAR form, including a description of (i) persons considered to have a "financial interest" in a foreign financial account; (ii) individuals with "signature or other authority" over (but no financial interest in) financial accounts; and (iii) revisions to the definition of "foreign financial account."
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