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2016 3 () ADMISSIONS GUIDE FOR INTERNATIONAL STUDENTS (2016 SPRING) 1 2016 (3) 1. 3 2. 4 3. 5 4. 6 5. 8 6
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2 3 hwp stands for Report of Foreign Bank and Financial Accounts (FBAR).
Any United States person who has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year is required to file FBAR.
FBAR can be completed online through the Financial Crimes Enforcement Network (FinCEN) website by providing information about foreign financial accounts.
The purpose of FBAR is to combat tax evasion by US persons using foreign accounts to hide assets and income.
FBAR requires the reporting of the maximum value of each foreign account during the reporting period, the name on the account, the account number, the name and address of the foreign financial institution, and other specific details.
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