Interesting Dollar Vigilante article on the use of U.S. laws to impose capital controls and confiscate wealth.
The problem with FBAR is that countless Americans with foreign accounts and US expats are completely unaware of its existence. And, despite the fact that there are literally tens of thousands of rules in the US tax code for things like this, ignorance of its requirement is not excusable.
We have stated in the past that FinCen, FATCA and FBAR are all intermingled to essentially put in capital controls on the US populace and, as well, steal most of the money from those with funds abroad. In the past many said that we were being too alarmist and surely the US government would not do something like this.
Well, think again, it just happened. And it was even worse than we thought.
I recommend the article and its comments.