Report to Congress in Accordance with §361(B) of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT) [2003]   [open pdf - 131KB]

"Substantial progress has been made in the past year, particularly with respect to streamlining the administration and enforcement of the FBAR [Foreign Bank and Financial Accounts]. In the coming year, Treasury intends to address the remaining tasks and continue making progress in our ongoing projects to improve compliance with the FBAR reporting requirement. Towards that end, we are setting the following specific goals: 1) Emphasize Examination of Offshore Activities - The IRS [Internal Revenue Service] received 1299 applications from taxpayers for the Offshore Voluntary Compliance Initiative (OVCI). Once accepted by the IRS, taxpayers have 150 days to submit complete packages including FBARs, under the provisions of the OVCI. An initial review of the applications by the IRS indicates that approximately 450 applications involve previously unreported foreign bank accounts; 2) Identify Potential Non-Filers of FBARS - Building on the success of the offshore examinations, the IRS will continue to explore new ways of identifying persons who should be filing FBARs; 3) Continue Outreach and Education -- Outreach and educational efforts will continue in fiscal year 2004, based upon the results of initial activities. In addition, coordination with the IRS Off-Shore Credit Card Program will be an area of emphasis to facilitate identification of targeted audiences. Outreach about the filing requirements of Section 103.24 will be reinforced with cogent, consistent messages relative to application of penalties for failure to meet the FBAR filing requirements; 4) Use Input from Filers to Improve Form - IRS will work towards finalizing an improved FBAR to better enable taxpayers to comply with the law."

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Financial Crimes Enforcement Network (U.S.): http://www.fincen.gov/
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