Foreign Bank Accounts= Money Laundering????
Not satisfied with the draconian civil tax penalties for having an unreported foreign bank account, Congress is trying to make Foreign Tax Crimes a Money Laundering Offense - (subsec. 2(g) of the Fraud Enforcement and Recovery Act of 2009) (S. 386). This means if a US citizen does not reveal a foreign account it could be subject to an expensive prosecution and 20 years in Federal Prison!