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On February 8, 2012, the Department of Treasury and Internal Revenue Service issued the long-awaited proposed regulations providing guidance for foreign financial institutions, non-financial foreign entities, and US withholding agents to implement various provisions under the Foreign Account Tax Compliance Act (FATCA) of 2009, which was a comprehensive proposal to clamp down on US tax evasion and improve taxpayer compliance by providing the IRS with new administrative tools to detect and deter offshore tax abuses
Officers and employees who are US citizens or residents may have to file a Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts (FBAR), by June 30, 2012, to report a financial interest in, or signature or other authority over, foreign financial accounts
The State Administration of Foreign Exchange (“SAFE”) and the Ministry of Commerce (“MOFCOM”) have recently released policies in relation to the relaxation of cross-border capital account items
New regulations effective March 29, 2011, can affect a significant number of US persons with a financial interest in, or signature authority over, foreign financial accounts reported on the Form TD F 90-22, Report of Foreign Bank and Financial Accounts, commonly referred to as FBAR
