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TREAS/FINCEN | RIN: 1506-AB40 | Publication ID: Spring 2019 |
Title: ●Reports of Foreign Financial Accounts Civil Penalties | |
Abstract:
FinCEN, a bureau of the Department of the Treasury (Treasury), is amending 31 CFR 1010.820 to withdraw the reports of foreign financial accounts (FBAR) civil penalties language at 31 CFR 1010.820(g), which was made obsolete with the enactment of the American Jobs Creation Act of 2004. The American Jobs Creation Act of 2004 amended 31 U.S.C. 5321(a)(5) to allow for a greater maximum penalty for a willful violation of 31 U.S.C. 5314 than was previously authorized. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Fully or Partially Exempt | |
CFR Citation: 31 CFR 1010.820(g) | |
Legal Authority: 31 U.S.C. 5321(a)(5) 31 U.S.C. 5314 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Jaclyn N. Stewart Regulatory Policy Specialist Department of the Treasury Financial Crimes Enforcement Network 1801 L Street NW., Washington, DC 20036 Phone:202 354-6028 Fax:202 354-6411 Email: jaclyn.stewart@fincen.gov Adam Maddox Policy Specialist Department of the Treasury Financial Crimes Enforcement Network 1801 "L" Street NW, Washington, DC 20036 Phone:703 905-3652 Fax:202 354-6011 Email: adam.maddox@fincen.gov |