Yes, but that's U.S. law. I'm not aware of a single country with a law stating if you're an expatriate from the U.S., you must file and declare accounts to the American federal government while living in that country
Maybe I'm wrong and you can name one, but I'm not aware of any. Also, unless the U.S. plans to send commandos to retrieve you or really wants to pursue an extradition after building a case... if you don't return to the U.S., they take an L on that money they'd steal off of you.
There's no law, all the US does is put pressure on the bank