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Hello and thank you for using Just Answer,I believe waiting is the worse possible thing you could do. The 5 years your spouse has been here is what is important. She really needs to file the disclosures and if you have been filing joint returns thne any interest or income from these investments will need to be shown on those past year returns.
I think you are going to need to have your spouse file the forms. Of course without knowing the specifics it is going to be tough.
File on what you know. There are more and more countries that are in alliance for the reporting and the last thing your spouse wants is to have the IRS disclose the info to her.
The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
The 40% penalty is on the value of the account not any gain from it. Your spouse is going to need to apply some pressure her on this. The past 5 years with no disclosure places you both in jeopardy.