Looking For Mr. FBAR - A New Sighting - ”exercised control over and had access to the account”

<p>May 22, 2022 - Participants include:</p> <p>Virginia La Torre Jeker - <a href='https://www.twitter.com/vljeker'>@VLJeker</a></p> <p>John Richardson - <a href='https://www.twitter.com/expatriationlaw'>@ExpatriationLaw</a></p> <p> </p> <p>On May 19, 2022 Virginia La Torre Jeker published a post about Paul Manafort and his adventures with Mr. FBAR.  Mr. Manafort was on the receiving end of three million in FBAR penalties. Because he had not paid, the US government began a  lawsuit to convert the FBAR penalty to a legally enforceable judgment. To understand the complete context of Mr. Manafort's meeting with Mr. FBAR, I refer you to <a href='https://us-tax.org/2022/05/19/fbar-it-gets-you-in-the-end-presidential-pardon-notwithstanding/'>Virginia's post</a>. </p> <p> </p> <p>In relevant part her post included:</p> <p>"Regardless, of the fact that others technically owned and operated some of the accounts, Manafort still exercised control over, and had access to, each of the accounts.  This means he had a “financial interest” in the accounts for purposes of the <a href='https://www.law.cornell.edu/uscode/text/31/5314'>Bank Secrecy Act</a>, and <a href='https://www.law.cornell.edu/cfr/text/31/1010.350'>relevant regulations</a> which includes in the definition of “financial interest” the case when “[t]he owner of record or holder of legal title is a person acting as an agent, nominee, attorney, or a person acting on behalf of the United States person with respect to the account.”</p> <p>Interestingly paragraph 17 of the government's <a href='https://ustaxinternational.files.wordpress.com/2022/05/action-to-collect.pdf'>compliant </a>included:</p> <p>"17. Regardless, Manafort still exercised control over, and had access to, each of the accounts."</p> <p>In this podcast we go back to the basics and discuss who exactly is required to file an FBAR and why. Our discussion analyzes the <a href='https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf'>FinCEN FBAR instructions</a>.</p> <