Re: The Continued Attack on Cash (Was: "The Right of Anonymity"...)

[Marshall Clow <mclow@owl.csusm.edu>]

At 3:52 PM -0800 2/2/98, Black Unicorn wrote:
>At 06:07 PM 2/2/98 +0000, Attila T. Hun wrote:
>>    I did-- tried to lay $14K out for a Mercedes (25 years ago).
>>    they wouldnt take it.  so I went and picked up two $7K
>>    cashiers from two different banks.  same thing with a pair
>>    of Lycoming IO540 aircraft engines:  2 8s and a 9 --stay
>>    under the $10K transaction.
>
>Careful.  This may well be illegal now.  Structuring transactions to avoid
>reporting requirements is a felony.
>
Some of the reporting requirements have been changed last year
from $10,000 to $750. Check out <http://jya.com/fc052197-3.htm>

>May 21, 1997
>
>SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') is
>proposing to amend the regulations implementing the Bank Secrecy Act to
>require money transmitters and their agents to report and retain
>records of transactions in currency or monetary instruments of at least
>$750 but not more than $10,000 in connection with the transmission or
>other transfer of funds to any person outside the United States, and to
>verify the identity of senders of such transmissions or transfers. The
>proposed rule is intended to address the misuse of money transmitters
>by money launderers and is in addition to the existing rule requiring
>currency transaction reports for amounts exceeding $10,000.


-- Marshall

Marshall Clow     Adobe Systems   <mailto:mclow@mailhost2.csusm.edu>

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