Failing to file an 8300 within 15 days. You can also get nailed for failing to know the source of of the funds if they deem that you should have known or suspected that it may have been dirty. People have gone to prison for providing legitimate services like landscaping or interior decorating to suspected drug dealers, let alone selling them big ticket items.

This is a pretty good read. https://www.federalcriminallawyer.us/fe ... aundering/

... $10,000.00 doesn't require a CTR. $10,000.01 does.

I must be naive, but I wouldn't suspect a buyer with cash to be a drug dealer just because they use cash. Not everyone wants all their business to be tracked.

I can see why cryptocurrency has broadening appeal.

Because people don’t realize how easy it is to track? The block chain keeps a permanent public record.

Because people don’t realize how easy it is to track? The block chain keeps a permanent public record.

My hypothetical money laundering scenario by buying an airplane related to a situation where a buyer of the plane paid with illicit cash, then turned around and sold the plane as a legitimate asset and dodge income tax on the illicit cash..

... $10,000.00 doesn't require a CTR. $10,000.01 does.

I must be naive, but I wouldn't suspect a buyer with cash to be a drug dealer just because they use cash. Not everyone wants all their business to be tracked.

I can see why cryptocurrency has broadening appeal.

... $10,000.00 doesn't require a CTR. $10,000.01 does.

I must be naive, but I wouldn't suspect a buyer with cash to be a drug dealer just because they use cash. Not everyone wants all their business to be tracked.

I can see why cryptocurrency has broadening appeal.

The funny thing is that marijuana is actually illegal in all 50 states as far as the federal government is concerned. That is why banks won’t allow the marijuana growers to deposit the funds generated from the state legal sale of the drug.

All of the growers operate in a grey area and the federal government could seize it all, at any moment.

Interesting times we live in.

They've turned such an intentional blind eye I think they'd struggle to prosecute anyone, there's a bill that just passed the house that will likely end this prohibition.

In any case I wouldn't take issue with accepting marijuana cash, it's a legitimate business in Colorado and has put hundreds of millions in tax dollars to improving our education system. Personally, less ethical issue than someone who owned a chain of liquor stores at any rate. If the feds want to go after them, they can do that after you notify them. There's a G650 at KAPA that some marijuana guys bought.

I'm not a criminal law lawyer, but reading the federal statutes in that article seems to indicate that some type of criminal intent (intent to avoid reporting, etc.) is necessary to be convicted of money laundering. It does not seem you can be convicted simply for dealing in cash as long as you abide by the various reporting requirements. Of course, there is always the possibility you could be convicted of money laundering if the jury didn't believe your story that you had no idea the funds were from an illegal source. So it does pay to be cautious.

Personally, I would never do a large transaction in cash -i.e. bills- (either buying or selling), even if I abided by the >$10,000 cash transaction reporting requirement. What's so hard about putting the money in a bank account and writing a check?

I already have to deal with FATCA reporting requirements. If I ever get around to buying a Citation, do you mind if I wire the money to you from multiple overseas accounts? All my overseas accounts are reported to the US government. But of course, I wouldn't do that as I know it would rightfully make you nervous. So instead I would transfer the money to my US bank and cut you a single cashier's check. Or how about a pre-paid debit card?

This is factually incorrect. Many banks have accounts for MRB's. Mine does. There are a lot of compliance issues but it is possible and legal for banks to open and operate accounts for MRB's.

This is factually incorrect. Many banks have accounts for MRB's. Mine does. There are a lot of compliance issues but it is possible and legal for banks to open and operate accounts for MRB's.

The blockchain is public and permanent (well, as long as everyone keeps paying the power bill). This means every transaction can be traced forever. Imagine if a dollar bill kept a ledger of everyone who had possessed it?

So the reasons for crypto as not from privacy or reduced monitoring - only reduced manipulation since it is outside of any government.

The govt always trots out the "only evildoers use X" (cash, crypto, etc) for things that threaten their power. Just look at this discussion on cash. It says right there on the bill, legal for any debt, public or private. But people are scared to take cash and now the govt gets what it wants and is able to record every transaction. Because, terrorists! Because, drug dealers!

The blockchain is public and permanent (well, as long as everyone keeps paying the power bill). This means every transaction can be traced forever. Imagine if a dollar bill kept a ledger of everyone who had possessed it?

So the reasons for crypto as not from privacy or reduced monitoring - only reduced manipulation since it is outside of any government.

The govt always trots out the "only evildoers use X" (cash, crypto, etc) for things that threaten their power. Just look at this discussion on cash. It says right there on the bill, legal for any debt, public or private. But people are scared to take cash and now the govt gets what it wants and is able to record every transaction. Because, terrorists! Because, drug dealers!