Yep, I can give you the phone number of a of a guy who did 5 years.

If you knowingly launder money it’s 5 years… if you lie to the FBI it’s 5 years. I’m not sure where to find a reference on the internet because this is all first hand knowledge, I have been told this personally by more than one FBI agent, plus the guy who did 5 years for selling an airplane for cash. (green cash)

There's a big difference between:

"Cash": I have a suitcase full of 20s.

And:

"Cash": I can wire the money from my account to your account.

The first is reportable by the receiver, the second not from what I understand since the bank system does that for you in the second case (or whatever law they have to follow).

The word "cash" thus has different meanings that can get confused.

Mike C.

There is a lot of misinformation here about cash. Cash is the legal tender of the country. That means its legal to use. In any amount. For any legal purpose.

There are no circumstances that I think can be demonstrated where one must report cash transactions to the FBI. The FBI is an enforcement, not a reporting, agency. If I am incorrect please point me to the law that says differently.

With that said ANY cash transaction over $10,000 must be reported to the IRS on Form 8130. For additional information please see:

https://www.irs.gov/newsroom/cash-payme ... laundering

There are Anti Money Laundering (AML) which financial institutions such as banks and insurance companies must also follow. The Bank Secrecy Act also imposes requirements on financial institutions. FNRA also requires those in the financial services industry to comply with a number of reporting and other requirements.

The internet is full of crap and as Holmes said "ignorance of the law is no excuse for breaking it". Perhaps if you're in the business of transacting aircraft, or are contemplating transacting one for cash, you should inform yourself.

Is there a single case you can cite, or a law or regulation that backs this up? Which part is illegal? Selling something you own, receiving cash as payment, or keeping cash in a safe?

I think it would be foolish, but not illegal. Anyone with that much cash (over $10K) is now faced with a large deposit which will by law generate a currency transaction report (CTR). But those are generated by the thousands every day.

Call the number for the office nearest you. https://www.fbi.gov/contact-us/ They’ll give you all the details.

No one is immune from prosecution if you knowingly participate in laundering money!

I’m astounded that you guys are even questioning this.

I hear stories that Joe or Bob sold their airplane for a bag of cash and got arrested, but had no idea it was money laundering… I think bullshit… no one is that naive.

Please tell me y’all are not naive enough to think it is ok to sell an airplane for cash money?

And yes, if you deposit a couple hundred cash in the bank, both the IRS and the FBI will know about it.

And please forgive my bluntness, but there is no reason anyone would pay with that much cash unless they were a) avoiding taxes or b) laundering money.

I don't think anyone is disputing that there are consequences for a) laundering money or b) failing to notify the Federal government about cash transactions for amounts of $10,000 or more (including fractionalizing transactions to avoid the limit). As COB of a bank I'm well aware of the laws. I just don't think you've got the reporting regime down correctly. The link I provided re the IRS is the one most people need, not the FBI. But, if I'm wrong about that then show me the law. I am always willing to learn (which is why I take FDIC, ABA and FINCEN training on this every year).

That does make sense to me. With the exception that Marijuana Related Businesses have huge amounts of cash and they do use it quite legally. Marijuana is now legal in 36-38 states and is difficult, ad very expensive to bank anywhere (I know because my bank does) so operators of these kinds of businesses pay for all kinds of things in cash. I would hope they aren't trying to launder money, or avoid taxes, but I'm sure some are.

For those wanting to learn, this is called structuring

More reading here on it and other SAR triggering events

https://en.m.wikipedia.org/wiki/Structuring

It's a big leap from "selling an airplane for cash" to "knowingly laundering money".

I can't understand how questioning that leap is astounding, unless you are literally talking about a duffel bag full of $100s - is that what is in question here? If so I agree that is highly suspicious.

It's a big leap from "selling an airplane for cash" to "knowingly laundering money".

I can't understand how questioning that leap is astounding, unless you are literally talking about a duffel bag full of $100s.

Are you saying you report people to the FBI if they buy an airplane for cash? At what amount to you decide you're going to jail if you don't tell the FBI?

It's a big leap from "selling an airplane for cash" to "knowingly laundering money".

I can't understand how questioning that leap is astounding, unless you are literally talking about a duffel bag full of $100s - is that what is in question here? If so I agree that is highly suspicious.

I reread the above and suspected that was the case. $1,000,000 in cash is a full briefcase of cash. I'd just ask them to deposit it in a bank and wire it. If they refuse, I'd not sell them the airplane and report the attempt.

I reread the above and suspected that was the case. $1,000,000 in cash is a full briefcase of cash. I'd just ask them to deposit it in a bank and wire it. If they refuse, I'd not sell them the airplane and report the attempt.

You guys probably sense that I’m a little sensitive about this subject, I have a dear friend that had a cavalier attitude about this stuff. He ended up spending several years and most of his inheritance fighting to keep himself out of jail… he did nothing wrong. But, he did act like he was free to do whatever he wanted and had an attitude that he could associate with whomever he wanted.