XXI-I.   Selected Forms List

TD F 90-22.1 Report of Foreign Bank and Financial Accounts

These forms are now likely to be given more emphasis as they are perceived as being a tool used in the "fight against terrorism". Indeed, in June 2002, the American Institute of Certified Public Accountants notified its members of the potential of non-filers being subject to penalties. An unusual step for the AICPA.

Given the scant information contained in the forms, it can only be assumed that the authorities have computerized methods of verifying and / or collecting information on foreign bank and securities accounts; possibly the authorities have access to such information, even if the forms are not filed and will double check their results with information reported on forms TD F 90-22.1

The potential penalties for non or incorrect filing are quite severe; a fine of up to $500,000 and imprisonment for up to 5 years.

The forms require disclosing bank and securities account details when an individual has a financial interest in or signature authority, or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year. The forms have to be filed with the Department of the Treasury on or before June 30, of the succeeding year.

Customs Form 4790 Report of International Transportation of Currency or Monetary Instruments

The filing requirement applies to transportation of currency or instruments in excess of $10,000 into or out of the USA. It is not limited to citizens or residents.

As above, one should assume that more attention will be paid to such situations than in the past.

The potential penalties for non or incorrect filing are quite severe; a fine of up to $500,000 and imprisonment for up to 10 years.