I don’t recognize a law that prevents me from transferring my money in specific amounts.
Same here. It is a morally reprehensible law and used daily to harass and/or destroy average Americans breaking no other laws.
At the very least, the amount should be adjusted for inflation, as should the AMT law dollar threshold. I think that would put it at around $100,000 today.
You were driving under the speed limit to avoid a ticket, you’re going to Prison!
Most people don’t have enough money to commit this crime or even to do it on accident. The only time most people get large amounts of cash is if they are purchasing something and the seller requires cash. They may deposit cash for the same reason. Now the reason this became law was to catch drug dealers and tax evaders. They deal in cash very frequently. I think it is a bad idea for many reasons. It makes a criminal out of a non criminal. It forces banks into the policing profession. Whatever gain is had is not worth it.
The only person in my lifetime that I have known who dealt mostly in cash was my grandfather. He died about 25 years ago so I’m talking about way before this law was on the books. So using my narrow example, he didn’t run his cash through banks. He kept it at his home. Me, if I had cash that close to me I would spend it.
It was not the taking money out. It was his false responses to federal investigators asking why. That is the crime.
So the “law” says if you withdraw OR deposit more than $10k, they’ll charge you with money laundering. And if you withdraw or deposit less than $10k, they’ll come after you for “purposefully withdrawing less than $10,000 in order to evade”.
Straight out of Atlas Shrugged.