According to the Bank Secrecy Act (BSA), the Report of Foreign Bank & Financial Accounts ( “FBAR”) was created in an effort to prevent tax evasion, money laundering and other financial fraud.
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, with an aggregate value of in excess of $10,000 at any time during the calendar year, is required to report such information to the US Treasury by no later than April 15 of the following year, with an automatic 6-montn extension.
United States person includes a citizen, resident of the United States, a domestic partnership, a domestic corporation, a domestic estate or trust and certain visa holders.
If a filer does not have all the necessary information to prepare the report completely by the due date, including extension, they are advised to file their FBAR (new FinCEN Form 114) as complete it as possible and amend them when additional necessary information becomes available. FBAR