Report of foreign bank and financial accounts

Great Seal

The quotation below is a warning included within United States Department of the Treasury Form TD F 90-22.1, title above, which must be filed by every American taxpayer if he holds a foreign bank or financial accounts equalling or exceeding the amount of $10,000 at any time during the reporting year. The complete form is available here: U. S. Treasury Form TD F 90-22.1

On this occasion I simply ask for comments.

“The principal purpose for collecting the information is to assure maintenance of reports where such reports or records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. The information collected may be provided to those officers and employees of any constituent unit of the Department of the Treasury who have a need for the records in the performance of their duties. The records may be referred to any other department or agency of the United States upon the request of the head of such department or agency for use in a criminal, tax, or regulatory investigation or proceeding. The information collected may also be provided to appropriate state, local, and foreign law enforcement and regulatory personnel in the performance of their official duties. Disclosure of this information is mandatory. Civil and criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report. Disclosure of the Social Security number is mandatory. The authority to collect is 31 CFR 1010.350 (formerly 31 CFR 103.24). The Social Security number will be used as a means to identify the individual who files the report.”

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