US Court of Appeals for Fifth Circuit requires disclosure of foreign accounts under Bank Secrecy Act

The US Court of Appeals for the Fifth Circuit has held that the Required Records Doctrine applies to documents required to be maintained under the US Bank Secrecy Act of 1970 (BSA) and therefore the taxpayer cannot refuse to produce such documents by invoking his privilege against self-incrimination under the Fifth Amendment to the US Constitution.In re: Grand Jury Subpoena, No. 11-20750 (21 September 2012).
The case involved a US taxpayer who was being investigated to determine whether…