The Globe has a really nice description of this here.
The Globe and Mail includes it’s daily “A moment in time”. On March 21, 2014, the Globe noted that on March 21, 1970, the song “American Woman” was released as a single. Along with the picture it included:
WHERE DO ALL OF THESE RULES COME FROM? WHAT CONGRESSIONAL LAW CREATED OVDP? WHAT CONGRESSIONAL LAW CREATED PENALTIES FOR SENDING MONEY TO YOUR MUMMY, FOR NOT KNOWING ONE IS AN AMERICAN, AND ALL OF THE OTHER RULES?
WHAT IS THIS ADMINISTRATION THINKING?
Not only is the problem the draconian penalties associated with the FBAR form, which could reach as high as 300% of a person’s assets, a problem exists in the OVDP (Offshore Voluntary Disclosure Program) plea bargain program, where innocent persons are herded into accepting “only” a 27.5% penalty upon all of their financial assets located in their home country, simply for not having known that they should have filled out a form upon them.