Failing to Report Foreign Accounts

Failing to report foreign accounts lands a former political adviser in hot water. Included in DOJ’s criminal indictment against political consultant Paul Manafort are charges that he willfully failed to file FBAR forms to disclose offshore accounts in Cyprus and the Grenadines that were in the name of Manafort-related entities. Manafort also reported on his income tax returns that he had no foreign accounts. DOJ claims that Manafort earned lots of income from his undisclosed representation of the Ukrainian government and laundered the funds through hidden offshore entities
and foreign accounts, with the aim of concealing the fees from U.S. authorities.