Florida Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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How to fill out Florida Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction?
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FAQ
Avoid saving up cash and making deposits that are of similar amounts. This is precisely what can raise red flags at a financial institution and with investigators. The IRS and the DOJ will pursue cash structuring cases. Avoid knowingly trying to skirt the $10,000 reporting rule.
Illegally "structuring" a transaction means setting up (structuring) a large cash transaction so that it doesn't trigger the reporting requirements. The most common method for doing this is called ?smurfing,? breaking up a large cash deposit into a series of smaller deposits to avoid bank detection.
A "structured transaction" is a series of related transactions that could have been conducted as one transaction, but the financial institution and/or the transactor intentionally broke it into several transactions for the purpose of circumventing the reporting requirements of the Bank Secrecy Act (BSA).
To prove cash structuring, the prosecution must show that the defendant intentionally structured their transactions to evade bank reporting requirements. This typically involves demonstrating a consistent pattern of deposits, withdrawals, or transfers that fall just below the reporting threshold.
Typical structuring schemes involve taxpayers making multiple deposits below the $10,000 threshold in order to avoid having to fill out Form 8300 and report said receipts to the IRS. Structuring is a felony offense and the punishments can be severe.
Let's say that someone has $90,000 in cash. If they want to avoid reporting requirements, they can split this into 10 transactions of $9,000. This is an example of structuring. Remember, structuring transactions in this way is illegal.
A structured transaction is a series of transactions broken up from a larger sum in order to avoid reporting requirements under the Bank Secrecy Act (BSA), which requires financial institutions to report all transactions of $10,000 or more.