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ARTICLE · 02 MARCH 2011

Financial Services Alert - March 1, 2011

Goodwin Procter LLP
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The U.S. Treasury Department’s Financial Crimes Enforcement Network ("FinCEN") adopted a rule (the "Final Rule") which amends its existing regulations regarding Reports of Foreign Bank and Financial Accounts ("FBARs" and each an "FBAR") required to be filed with the Internal Revenue Service ("IRS") on Form TD-F 90-22.1.

United StatesFinance and Banking
Robert Kurucza
Robert Kurucza
  • FinCEN Adopts Rule Regarding FBAR Filings
  • SEC Staff Issues No-Action Letter Providing Relief to Certain Closed-End Funds Seeking to Raise Additional Capital
  • FinCEN Issues Advisory Concerning Financial Exploitation of the Elderly

DEVELOPMENTS OF NOTE

FinCEN Adopts Rule Regarding FBAR Filings

The U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") adopted a rule (the "Final Rule") which amends its existing regulations regarding Reports of Foreign Bank and Financial Accounts ("FBARs" and each an "FBAR") required to be filed with the Internal Revenue Service ("IRS") on Form TD-F 90-22.1. On February 26, 2010, FinCEN issued a Notice of Proposed Rulemaking (the "Proposed Rule"), which the Final Rule largely adopts, but with certain changes. (The Proposed Rule was discussed in detail in the March 2, 2010 Alert.) The Final Rule aims to provide greater clarity regarding various aspects of the FBAR filing requirements and expands certain

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