Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324

• Category: Rhode Island Jury Instructions - Criminal - Final Instructions - Elements of Specific Crimes - Offenses Under Other Titles
• State: Rhode Island
• Control #: RI-JURY-4-28-CR
• Format: Word

Description

Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324 Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324 is a federal law that criminalizes the practice of intentionally structuring financial transactions in order to evade reporting requirements under the Bank Secrecy Act. This law applies to individuals, companies, and any other entities that are conducting financial transactions. It prohibits the structuring of financial transactions, such as bank deposits and withdrawals, in amounts of less than $10,000 to avoid filing a Currency Transaction Report (CTR). The purpose of this law is to prevent individuals and entities from concealing the proceeds of illegal activities, such as drug trafficking or tax evasion. There are two types of Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324: willful structuring and non-willful structuring. Willful structuring is the intentional structuring of financial transactions to evade the reporting requirements of the Bank Secrecy Act. Non-willful structuring occurs when an individual or entity is unaware of the applicable reporting requirements. Both types of structuring are punishable by up to five years in prison and a fine of up to $250,000. Additionally, any assets gained from the structured transactions are subject to civil forfeiture.

Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324 is a federal law that criminalizes the practice of intentionally structuring financial transactions in order to evade reporting requirements under the Bank Secrecy Act. This law applies to individuals, companies, and any other entities that are conducting financial transactions. It prohibits the structuring of financial transactions, such as bank deposits and withdrawals, in amounts of less than $10,000 to avoid filing a Currency Transaction Report (CTR). The purpose of this law is to prevent individuals and entities from concealing the proceeds of illegal activities, such as drug trafficking or tax evasion. There are two types of Rhode Island Money Laundering-Illegal Structuring, 31 U.S.C. Sec. 5322, 5324: willful structuring and non-willful structuring. Willful structuring is the intentional structuring of financial transactions to evade the reporting requirements of the Bank Secrecy Act. Non-willful structuring occurs when an individual or entity is unaware of the applicable reporting requirements. Both types of structuring are punishable by up to five years in prison and a fine of up to $250,000. Additionally, any assets gained from the structured transactions are subject to civil forfeiture.