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Friday, June 5, 2015

Article on Structuring to Avoid Bank Currency Reporting Requirements (6/5/15)

The New York Time's Upshot has an interesting article on CTRs and withdrawing cash from a bank.  Josh Barrol, When It's a Crime to Withdraw Money From Your Bank (6/5/15), here.  The article is inspired by the Denny Hastert episode.  See Former House Speaker Indicted for Structuring and Lying to Federal Agents (Federal Tax Crimes Blog 5/29/15; 6/3/15), here.  The article is targeted to the lay reader.  A key excerpt:
To be clear: It’s not illegal simply to take $8,000 out of the bank repeatedly. 
“The criminal provisions there do have strong mens rea (criminal intent) requirements: The government has the burden to prove that the defendant knew about the reporting requirement and intended to evade it,” said Jim Copland, who directs the Center for Legal Policy at the Manhattan Institute, a right-of-center think tank. “So this is quite unlike many of the regulatory crimes that can ensnare the unsophisticated.”
A good read.
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1 comment:

  1. poppoJune 5, 2015 at 1:59 PM

    Small typo in the title (i think). I think you mean to put 06/5/15 not 06/15/15 :) If im wrong just disregard this comment.

    ReplyDelete

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