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F l y F i s h e r s For C o n s e r vat i o n March 2008 Volume 48 Issue 3 F LY D O P E INSIDE THIS ISSUE: Presidents Message 2 April Banquet 3 Flies From Jerry's Bench 4 Membership 5 Outings 6 Area
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FLYF stands for Financial Crimes Enforcement Network (FinCEN) Form 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR). It is used to report foreign financial accounts.
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Any U.S. person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value of over $10,000 at any time during the calendar year is required to file FLYF.
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FLYF can be filled out electronically through the BSA E-Filing System on the FinCEN website. Detailed instructions are provided on how to complete the form.
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The purpose of FLYF is to combat money laundering and terrorist financing by providing the U.S. government with information about foreign financial accounts held by U.S. persons.
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FLYF requires details about the account holder, the foreign financial institution, and information about the account itself, such as the maximum value during the year.
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