Federal law requires U.S. persons to report certain foreign assets and financial accounts each year. The reporting rules are confusing because reporting is required both to the Treasury and to the IRS, but the rules for reporting to these parties differ considerably. Here is a basic review of current reporting rules.
FBAR
In 1970, the Bank Secrecy Act became the first law to fight money laundering in the United States. It requires reporting of cash transactions in the course of business of $10,000 or more and annual reporting of foreign bank accounts (known as FBARs).
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