The US Treasury has promised to change the way it refers to Taiwan on its Foreign Bank and Financial Accounts (FBAR) form. That’s the word from the foreign ministry on Wednesday.
All US citizens with an interest in bank accounts holding more than US$10,000 are required to file the FBAR form every year. One question on the form asks for the names of the countries or territories where a US citizen’s non-US bank accounts are located. On the current form, Taiwan is listed as “Taiwan, Province of China”.
The foreign ministry said Wednesday that the US has promised that federal agencies including the US Treasury will change the way they refer to Taiwan in the future. However, the foreign ministry also said that the US Federal Government is a very large organization, and that it may take time for individual agencies to implement changes.