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December 27, 2021
|6 min read
FinCEN Amends Willful FBAR Regulations
On December 23, 2021, the United States (“U.S.”) Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced amendments to the Bank Secrecy Act (“BSA”) penalty regulations to remove certain civil penalty language (previously, 31 C.F.R. § 1010.820(g)), despite FinCEN’s previous failure to modify the regulations after the enactment of the American Jobs Creation Act of 2004 (“American Jobs Creation Act”), Pub. L. No. 108-357, § 821, 118 Stat. 1418 (2004).
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Winston & Strawn’s Tax Impacts series features timely updates and insights impacting taxpayers, spanning from federal, international, and state and local tax planning to controversy.
