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Home / Opinion Digests / Administrative / Administrative – Failure to report Swiss bank accounts prompts fines (access required)

Administrative – Failure to report Swiss bank accounts prompts fines (access required)

Where a husband and wife failed for many years to file required reports of monies held in Swiss bank accounts, and the evidence showed their conduct was reckless, they were liable for enhanced penalties and interests. Background The Bank Secrecy Act of 1970 requires that U.S. citizens who have foreign bank accounts report the accounts to the ...

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