3 Aug 2018

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What does "controlling interest" mean?

Asked why it would be important to know if Manafort had a controlling stake or authority over the distribution of funds from such accounts, Ayliff said, “Because they would have to do the FBAR report requirement.”

The U.S. Internal Revenue Service requires anyone with controlling interest in a foreign account worth more than $10,000 at any point in the preceding year to file a Report of Foreign Bank and Financial Accounts (FBAR).

The charges against Manafort largely pre-date the five months he worked for Trump, some of them as campaign chairman, during a pivotal period in the race for the White House.

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