The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

FORBES: Tax Trivia Giveaway #7: Bank Secrecy Act

The Foreign Account Tax Compliance Act, requires foreign financial institutions to start reporting detailed information about U.S. account holders to the Internal Revenue Service in coming years.

WSJ: Foreign Deal on Tax Dodging

New reporting requirements that stock exchanges have ordered in response to high-profile scandals, together with tougher auditing standards under the Sarbanes-Oxley Act, have pushed boards and managers to become far more diligent in reporting accurate financial information.

FORBES: A New Era In Corporate Governance

The Bank Secrecy Act and the Internal Revenue Code both require reporting by United States persons concerning their foreign financial accounts.

FORBES: Tax Reporting of Foreign Financial Assets: A Tale of Two Acts