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Money laundering is not the term we should be using. Money laundering only applies where the source of money is dirty. I can give you many examples where "havi
by ng12 9y ago
Money laundering is not the term we should be using. Money laundering only applies where the source of money is dirty.
I can give you many examples where "having at least $10,000" should be considered legal. Money laundering is evidence of a crime, it should not be a crime itself.
- openasocket 9y agoIs it illegal to have $10,000? If you're referring to financial reporting requirements, the law is just that the bank has to report when you make large deposits (and I think withdrawals as well) it's not a crime, though it is a crime to intentionally deposit multiple amounts less than $10,000 to try and evade the reporting requirements. If you're referring to civil asset forfeiture or something, then I agree work needs to be done to reign in the practice.
- MichaelGG 9y agoIt can be illegal doing things even with less than $10K at a time, due to structuring laws. Your business insurance only covers up to $10K cash, so you make deposits of $9500 each week? Cool, enjoy your legal problems. And you should not have to report the money you carry if you, for instance, travel.