PUBLIC SUBMISSION

As of: 1/19/21 2:49 PM
Received: January 15, 2021
Status: Non_Public
Tracking No. 1k5-9l8r-g4zd
Comments Due: January 15, 2021
Submission Type: Web

Docket: FINCEN-2020-0013
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Report 114, Report of Foreign Bank And Financial Accounts

Comment On: FINCEN-2020-0013-0001
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Report 114, Report of Foreign Bank and Financial Accounts

Document: FINCEN-2020-0013-DRAFT-0091
Comment on FR Doc # 2020-25216


Submitter Information

Name: Timothy Smyth
Address:

188 Bligh St
Tewksbury,  MA,  01876

Email: tpsmyth01@gmail.com
Phone: 9789050253

General Comment

All, I would like to make the following comments in the response to this request related to the FINCEN FBAR reporting requirements.

1. There does not appear to ever have been an analysis on the part of the Treasury Department of how many individuals are subject to filing in the FBAR ever since the Bank Secrecy Act was enacted by Congress in 1970. The only numbers used by FINCEN in determining the filing burden is based on those individuals that have actually been filing in previous years. For example the US State Department estimates the number of US Citizens living outside the United States to be close to 7 to 8 million many of which under the terms of the BSA regulations


2. There appears to be no basis in either this notice or the previous notice in 2011 of any useful law enforcement benefit(i.e. arrests, convictions, trials etc.) of applying filing requirements on the basis of citizenship to non resident individuals.

3. There additionally does not seem to be an acknowledgement that most Foreign Financial Institutions are themselves subject to home country reporting requirements coordinated through the Financial Action Tax Force similar to those imposed on US Financial Institutions through BSA in manner that was not necessarily true when the regulations were first enacted by the department in the 1970s.

Thank you for your consideration