Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324 is a federal law that criminalizes the practice of intentionally structuring financial transactions in order to evade reporting requirements under the Bank Secrecy Act. This law applies to individuals, companies, and any other entities that are conducting financial transactions. It prohibits the structuring of financial transactions, such as bank deposits and withdrawals, in amounts of less than $10,000 to avoid filing a Currency Transaction Report (CTR). The purpose of this law is to prevent individuals and entities from concealing the proceeds of illegal activities, such as drug trafficking or tax evasion. There are two types of Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324: willful structuring and non-willful structuring. Willful structuring is the intentional structuring of financial transactions to evade the reporting requirements of the Bank Secrecy Act. Non-willful structuring occurs when an individual or entity is unaware of the applicable reporting requirements. Both types of structuring are punishable by up to five years in prison and a fine of up to $250,000. Additionally, any assets gained from the structured transactions are subject to civil forfeiture.
Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324
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FAQ
Structuring and smurfing examples 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.
31 U.S. Code § 5324 - Structuring transactions to evade reporting requirement prohibited. structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.
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.
In order to show that a person is guilty of structuring to avoid having a bank file a Currency Transaction Report (CTR) with the IRS, the government must prove three elements: (1) the defendant (or a claimant in a civil forfeiture case) must have engaged in acts of structuring cash desposits or withdrawals at a
A conviction for structuring carries with it a maximum of 5 years in the Federal Bureau of Prisons, a fine, and quite often the draconian process of having their assets forfeited assuming the government can show a nexus between those assets and the crime of conviction.
The transactions need not exceed the $10,000 CTR filing threshold at any one bank on any single day in order to constitute structuring. Money launderers and criminals have developed many ways to structure large amounts of currency to evade the CTR filing requirements.
31 USC § 5324 defines structuring as a way of organizing large cash transactions into smaller deposits or payments in order to evade one's reporting requirements; causing or attempting to cause a financial institution to fail to perform its reporting requirements; obstructing or attempting to obstruct a business in
Penalties. Cash structuring carries significant consequences. It is a federal felony crime. A person convicted of cash structuring would face substantial fines and up to five years in prison.