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Posts tagged "civil prosecution"

If I close my foreign bank account, do I have to report it?

Closing your foreign bank account does not excuse you from disclosing it. With the end of the offshore bank account amnesty program called the Offshore Voluntary Disclosure Initiative, the consequences for not disclosing your foreign bank accounts is even greater. Transparency is truly the best policy. Those who do not follow these 10 rules may face at least five years in prison, three years of supervised probation and up to $250,000 in fines and fees.

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