The Financial Crimes Enforcement Network (FinCEN) said last week that it has further extended
the Foreign Bank Account Reporting (FBAR) deadline for individuals who have signature authority over foreign accounts but no financial interest in them.
Treasury and finance professionals with the ability to direct cash flow in their organizations’ foreign accounts, alone or in conjunction with another person (e.g. initiate wire transfers), now have until June 30, 2014 to report. All other individuals are required to meet the June 30, 2013 date.
Tom Hunt, CTP, Director of Treasury Services at AFP, believes the deadline was extended to help companies manage the reporting process, which is long and cumbersome for many practitioners. “It seems that FinCEN extended the deadline to help corporations comply with the regulation—which we have seen is implemented very differently across treasury departments,” he said. “FBAR is one of our top Government Relations Committee (GRC) priorities for 2013.”
Jeanine H. Arnett, Director, Government Relations & Public Policy, elaborated, noting that the GRC is actively pursuing a streamlining of definitions and interpretations. “There is no comprehensive standard at this point,” she said. “The GRC is particularly troubled with this and that is the basis of our efforts to encourage corporates to ask for clarity from FinCEN and Treasury/IRS.”