Regulatory Alerts2003-01-15
Added
IRS Offshore Voluntary Compliance Initiative – FinCEN Waiver from Civil Money Penalties for Failure to Timely File Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1)
The Director of the Financial Crimes Enforcement Network (FinCEN) grants a waiver from civil money penalties for violations of the Bank Secrecy Act and its implementing regulation to persons who enter into settlement and comply with the terms and conditions of the Offshore Voluntary Compliance Initiative. This waiver applies to individuals participating in the initiative provided by the Internal Revenue Service, U.S. Department of the Treasury. The notice was issued in January 2003.
IRS Offshore Voluntary Compliance Initiative – FinCEN Waiver from Civil Money Penalties for Failure to Timely File Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) This serves notice that the Director of the Financial Crimes Enforcement Network (FinCEN) has granted a waiver from civil money penalties for violations of the Bank Secrecy Act, 31 U.S.C. 5314, and its implementing regulation, 31 C.F.R. Part 103.24, to persons who enter into settlement and comply with the terms and conditions of the Offshore Voluntary Compliance Initiative, as provided by the Internal Revenue Service, U.S. Department of the Treasury. January 2003