In the government's fight against drug trafficking and terrorism, a host of anti-money laundering (AML) regulations have been created under the Bank Secrecy Act, the U.S. Patriot Act, and under anti-racketeering statutes. These regulations attempt to track the flow of large sums of money ($10,000 or more) by placing currency reporting requirements on banks, financial institutions, and companies.
If you deposit over $10,000 cash in the bank, the bank must fill out a currency reporting form and send it to the Treasury Department. If, however, you go to the bank on Monday and deposit $9,000 and on Wednesday you deposit $2,000, the bank is not required to fill out a form. However, the bank will probably file a suspicious activity report because it appears that you are structuring the deposits to avoid the currency report.
You may have done nothing wrong, and yet the federal authorities may be suspicious that you have "structured" your bank transaction so as to avoid the reporting requirement. Even if your money was from a legal source, if they determine that you were trying to avoid government reporting you can be charged with structuring the deposits to avoid the reporting which is a crime that can result in a jail sentence. Your money or other assets could be seized.
Defense Against Violations of U.S. Currency Reporting Laws
The currency reporting laws also apply to businesses in addition to banks. Any person, partnership or corporation that receives more that $10,000 in cash in one year from a customer must file a Report of Cash Payment Over $10,000 Received in a Trade or Business, IRS Form 8300.
Our goal is to ensure our clients avoid indictment on criminal charges, and are not subject to prison or other criminal penalties.
- If you suspect that you are under investigation because of reporting irregularities or compliance deficiencies with the Bank Secrecy Act, we can advise you on a course of action.
- If you have been asked to appear before a grand jury in a money laundering or fraud case, we will advise you so that you do not say or do things that will incriminate you.
- If you have been charged, we will immediately begin preparing your defense.
Contact A Skilled Criminal Defense Lawyer
Our phones are answered 24 hours a day, ensuring a criminal defense attorney responds to you quickly. Contact our Orlando law office online or call (407) 401-7224 for criminal defense representation in money laundering cases.