FBAR, also known as the Foreign Bank Account Report, is a form the US government requires citizens and residents to report their financial interest in or signature authority over any foreign financial accounts if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. The FBAR has filed annually with the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury. The purpose of the FBAR is to ensure that US taxpayers are accurately reporting their foreign assets and to help detect and prevent potential financial crimes such as money laundering and tax evasion.
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