The “Nuts and Bolts” of Contesting an FBAR Penalty Through Either the Tucker Act or Little Tucker Act
By Anthony Diosdi In 1970, Congress enacted what has commonly become known as the Bank Secrecy Act (“BSA”), as part of the Currency and Foreign Transactions Reporting Act. This was codified in Title 31 (“Money and Finance”) of the United States Code. The purpose of the BSA was to prevent money laundering by requiring the filing of reports and the retention of records where doing so would be helpful to the U.S. government in carrying out criminal, civil, tax, and regulatory investigations. One of the most important provisions of the BSA was Title 31 of the United States Code Section (“U.S.C”) 5314(a) which provides in relevant part that: The Secretary of the Treasury (“Secretary”) shall require a resident or citizen of the United States or a person in, and doing…