All about Foreign Bank and Financial Accounts Regulations (FBAR)

The Foreign Bank and Financial Accounts Regulations (FBAR) form came into existence as part of the Bank Secrecy Act of 1970 (BSA) with the aim to prevent taxpayers from avoiding paying taxes by hiding assets overseas

source https://www.caclubindia.com/articles/foreign-bank-and-financial-accounts-regulations-fbar-47790.asp