The U.S. IRS has published a practice unit on FinCEN Form 114 – Report of Foreign Bank and Financial Accounts (FBAR). The general overview of the practice unit includes the following:
The Bank Secrecy Act (BSA) gave the U.S. Department of the Treasury authority to collect information from United States persons (USP) who have financial interests in, or signature authority or other authority over, bank, securities, or other financial accounts in a foreign country. This authority was delegated…