Re: e$

[frissell@panix.com (Duncan Frissell)]

At 06:53 PM 8/10/94 GMT, jdd@aiki.demon.co.uk wrote:

>> What they ask for and what is required by law are two different
>> things.  It's not generally illegal to allow people to volunteer
>> information that increases the power of the state.
>
>As I recall, you are not asked to volunteer information, you are
>required to provide it, and the form specifies penalties if you do
>not. 

The instructions on the back of the "Landing Card" given to travelers
entering the US *are* deceptive.

The law on reporting the import/export of currency requires that anyone who
imports or exports more than $10,000 in "currency or monetary instruments"
has to file a report with the Feds.

"Currency" is currency.  "Monetary instruments" are monetary instruments in
bearer form such that their value can be transfered to *any* other person
just by handing them over.  Examples include:

1)  Checks or other drafts made payable to 'cash' or 'bearer'.

2)  Checks endorsed by the payee without restriction (that means just signed
on the back.)

3)  Blank travelers checks.

4)  Double signed travelers checks.

These are all "cash substitutes."

Checks made payable to a specific party (Bank of Butterfield, Bermuda for
example); travelers checks with just your single signature on them;
$100,000,000 SWIFT wires from Citicorp in NYC to Swiss Bank Corp, Panama
City, Panama need *not* be reported.

The instructions on the back of the Landing Card, however, mention checks
and travelers checks in such a way that they unwary might think that they
have to file reports on their travelers checks they are carrying along or on
the $50,000 that they just wired to Switzerland.

The Feds are trying to get banks to report wire transfers but the banks are
resisting.

Just a note further on the discussion about checks made payable to 'cash'.
These are no different than checks endorsed by the payee without restriction
(signed on the back).  Every time you just endorse a check, you have
converted it into a bearer instrument.  Perfectly legal.

Note too that there are currently no restrictions on the use of cash in
transactions or the transfer of unlimited amouts of cash into and out of the
country.  There are reporting requirements and if the cash represents
'unlawful proceeds' money laundering laws may apply.  The acts themselves
are legal though.

DCF

"A 'violent fanatic' who opposes the Health Security Act."