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Tax Notes – When Noncompliance With FATCA Is More Than a Civil Tax Matter by SANDRA BROWN

In this article, Sandra Brown examines the government’s use of 18 U.S.C. section 371 to charge related criminal violations under the Foreign Account Tax Compliance Act.

Following on the heels of the Justice Department’s expanded use of the federal statutory reporting obligations that require some U.S. persons to disclose their offshore bank accounts by filing annual reports of foreign bank and financial accounts, the government has a new foreign bank account reporting tool at its disposal. That reporting tool is the Foreign Account Tax Compliance Act. FATCA is part of the Internal Revenue Code, unlike the FBAR obligations, which are found under Title 311 as part of the Bank Secrecy Act.

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