Might also want to see my post on Foreign Bank and Financial Accounts (FBAR) reporting in the Living in Belize section.
For U.S. citizens or official residents, any foreign bank account or accounts with an aggregate total of US$10,000 or more at any time during the year, or control of a foreign corporation, or ownership of offshore mutual funds, must be reported to the IRS by June 30, and failure to do so can result in a fine of up to US$100,000 for willful failure to report and $10,000 even if not willful.
--Lan Sluder
I also posted something on that thread in the Living in Belize section to add to what you said. To do everything right is to do it legally and there are always legal loopholes to exploit which will keep one out of trouble and maximize tax minimization.
AmbergrisCaye.com 
