Most people are aware of the laws against money laundering. They know for example that making cash transactions of amounts that are more than $10,000 would require filing a report. That’s needed to keep track of the financial activities of drug traffickers and other criminals that usually deal with large amounts of cash.
The problem is that doing multiple transactions of amounts below $10,000 can also be illegal in some cases. That places many small business owners on the wrong side of the law.
According to Daniel Dew of Blog.heritage.org, “While some are aware of this requirement, few know that it is illegal to engage in repeated deposits of under $10,000 to avoid this reporting requirement. This “structuring” law is a preventive statute designed to force the reporting of conduct that is not itself a crime, but may lead investigators to other criminal activity.”
Small business owners should be aware of this and act accordingly. They could be in trouble because of something so simply overlooked.
You can read the full article by Daniel Dew here.
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