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Re: e$
In message <[email protected]> Eric Hughes writes:
> There is a small point to be made here which I think is really a big
> point. The US government does not object to the use of financial
> instruments so long as they are backed by the US $ (or another
> accepted currency).
>
> No, this isn't so. They also object to barter schemes that are backed
> by dollars. The object to them not by making them illegal _per se_,
> but by making it illegal not to report all the transactions that occur
> inside them.
It may not be so, but this example is not relevant. A barter scheme is
not a financial instrument or an exchange of financial instruments. If
you agree to exchange a refrigerator for ten hours with your favorite
shrink, no financial instruments change hands. But the IRS sees that
your shrink is making "money" and not reporting it.
> You also need to be concerned about Federal regulations
> covering the import and export of money. I think that at $5,000 or
> $10,000 you have to report the transaction.
>
> This applies to cash and some cash-like instruments, not to "money".
> Originally it was just cash; it has been extended to other
> instruments, but not to all of them, insofar as I know.
When you fly into the US, you must fill out a customs declaration.
You are required to declare money in various forms (cash, checks,
etc) and then to sign a statement saying that your declaration is
true. I believe that you must declare anything over a relatively
small amount, a few thousand dollars.
Banks are required to declare cash deposits and international movements
of funds over either $5K or $10K, I forget which. The objective is
to make money laundering difficult.
--
Jim Dixon