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To: Bronco_Buster_FweetHyagh
..talk about apples and oranges...you don't even know which is which. Speeding is illegal. Withdrawing money from your account is completely legal.
230 posted on 11/21/2003 6:06:59 AM PST by chiller (could be wrong, but doubt it)
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To: chiller
Withdrawing money from your account is completely legal.

I was under the impression that repeatedly withdrawing just under the $10,000 reported amount, in an effort to have your cash withdrawal/use avoid legal attention, combined with using that cash for illegal purposes, was a violation of the RICO/WOD/MoneyLaundering laws...
231 posted on 11/21/2003 6:10:55 AM PST by Bronco_Buster_FweetHyagh
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To: chiller
Withdrawing money from your account is completely legal.

Well...

Bank Secrecy Act regulations implemented in 1972 require a wide range of financial institutions to file a Currency Transaction Report, IRS Form 4789, to report "each deposit, withdrawal, exchange of currency or other payment or transfer, by, through, or to such financial institution which involves a transaction in currency of more than $10,000" (31 CFR 103.22(b)(1)). The CTR, as the form is known, provides FinCEN with information on the amount and type of the transaction, the person or persons who conducted the transaction, and the person or persons who benefited from the transaction. In 1999, banks, money services businesses, securities broker-dealers, and other financial institutions filed more than 12 million CTRs. Because CTRs provide law enforcement agencies with valuable information on the movement of large amounts of cash, money launderers will try to avoid the filing of a CTR by breaking down, or "structuring," transactions to less than the $10,000 CTR reporting threshold. The BSA prohibits "structuring" and imposes civil and criminal penalties for persons who cause or attempts to cause a financial institution to fail to file a CTR or to file a CTR "that contains a material omission or misstatement of fact."
http://www.moneylaundering.com/trainingarticle1.htm
232 posted on 11/21/2003 6:17:33 AM PST by Bronco_Buster_FweetHyagh
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