Louisiana Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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How to fill out Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction?
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FAQ
A ?transactional structure? is the totality of all connections via which transactions are made, as well as the actors involved. A ?transaction structure? is a special form of ?interaction structure?. At the same time, the ?transaction structure? is part of the ?economic structure? of a market or a country.
Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue ...
18 U.S.C. § 1956(a)(1)(B)(ii) See Statute [Defendant] is charged with violating that portion of the federal money laundering statute that prohibits structuring transactions to avoid reporting requirements. It is against federal law to engage in such conduct.
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.
Structuring is the act of parceling what would otherwise be a large financial transaction into a series of smaller transactions to avoid scrutiny by regulators and law enforcement.
Jury Instruction -- 18 U.S.C. 1956(a)(2)(B)(i) (Sting) (i) To conceal or disguise the nature, the location, the source, the ownership, or the control of the proceeds of a specified unlawful activity is guilty of an offense against the United States.
What do we mean by structuring? Structuring is when a person deliberately splits a large financial transaction into a series of smaller transactions with the specific aim of avoiding scrutiny from regulators and law enforcement officials.
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.
Structuring is governed by Federal Statute 31 USC 5324 and states in pertinent part that, no person shall for the purpose of avoiding a financial transaction reporting requirement, cause or attempt to cause a domestic financial institution or nonfinancial trade or business to fail to file a required financial report.
Title 31 U.S.C. 5324 makes it a federal crime for any person or entity to knowingly structure or attempt to structure any transaction with the intent to evade reporting requirements.