FinCEN Issues Final FBAR Rules

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The Financial Crimes Enforcement Network (“FinCEN”) on February 24, 2011 issued final rules (the “Rules”) that amend the regulations under the Bank Secrecy Act (the “BSA”) regarding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly referred to as “FBAR”). The amended regulations (1) clarify when an account is foreign and therefore reportable as a foreign financial account and (2) provide a definition for terms such as “signature or other authority.” As discussed in a previous Client Alert, “FinCEN and IRS Provide Timely FBAR Guidance Regarding Key Definitions,” issued on March 5, 2010, the Rules adopt, with slight modifications, the Notice of Proposed Rulemaking (“NPR”) issued in February 2010.

FinCEN has indicated that the Internal Revenue Service (“IRS”) will soon publish instructions for completing the FBAR form.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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