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CITY OF SAN DIEGO ME MO RA N D U DATE:October 5, 2007TO;Council President Peters, and Members of City Councilor:R.F. Haas, Deputy Chief of Public WorksSUBJECT:October 9, 2007, Council Item No.53 Regents
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53 oft is a form used to report the ownership of certain foreign financial accounts.
U.S. citizens, residents, and certain nonresidents are required to file 53 oft if they have a financial interest in, or signature authority over, foreign financial accounts exceeding certain thresholds.
53 oft can be filled out electronically through the Financial Crimes Enforcement Network's BSA E-Filing System.
The purpose of 53 oft is to help the government combat money laundering, tax evasion, and other financial crimes by tracking assets held in foreign financial institutions.
53 oft requires information about the account holder, the account itself, and any financial institution holding the account.
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