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ARTICLE · 21 MARCH 2011

Final Regulations Governing The FBAR Filing Requirement

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The U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued final regulations regarding foreign financial account reporting on Form TD-F 90-22.1 (also known as the "FBAR") on February 24, 2011.

United KingdomFinance and Banking
Richard LeVine
Richard LeVine
Joseph Field
Joseph Field
David Hirsberg
David Hirsberg
Kristin Konschnik
Kristin Konschnik
Jay Krause
Jay Krause
Jay Rubinstein
Jay Rubinstein
Christopher Uzpen
Christopher Uzpen
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The U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued final regulations regarding foreign financial account reporting on Form TD-F 90-22.1 (also known as the "FBAR") on February 24, 2011. These final regulations revise a version that was proposed on February 26, 2010, and implement the portion of the Bank Secrecy Act authorizing regulations to require U.S. citizens and residents and persons doing business in the United States to keep records and file reports regarding their foreign financial interests.

The final regulations require each U.S. person having financial interests in, or signature or other authority over, bank, securities, or other financial accounts in a foreign country or countries that in the aggregate exceed $10,000 to file an FBAR report with respect to such accounts. The final regulations apply to financial accounts maintained in 2010 and require an FBAR filing by June 30, 2011. The final regulations:

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