The federal government is racking up wins in cases tied to unreported foreign bank accounts after years of working to track them down, establishing a legal framework that is expected to help the pursuit of cryptocurrency held abroad.
The recent court victories—including a judicial recommendation to repatriate more than $18.2 million—are tied to a requirement that individuals with overseas accounts holding more than $10,000 report them to the government annually.
The penalty for a willful failure to report foreign bank and financial accounts through filings known as “FBARs” is up to 50% of the value of the account’s ...