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That is not what structuring is at all. Structuring is conducting transactions in a way that will avoid triggering reporting requirements. If the legislation in
by jamhan 13y ago
That is not what structuring is at all. Structuring is conducting transactions in a way that will avoid triggering reporting requirements. If the legislation in your country requires financial services providers to report any cash transaction greater than or equal to say, $10,000, and you go and deposit $9500 five times with the sole purpose being to avoid these reporting requirements, then you are in breach of structuring laws. That's it. It has nothing to do with the legality or otherwise of the source of your money.
Also, money laundering is not about forbidding buying bad things. In fact, it's entirely the opposite. It's about buying legal things to hide the proceeds of crime.
- pmorici 13y agoStructuring laws are pretty shitty there have been plenty of examples of people being screwed over by the government w/o legal due process for just conducting legitimate businesses that happen to receive a lot of cash payments from customers. Just one recent one... http://overlawyered.com/2013/09/institute-justice-tackles-structuring-forfeiture-case/ http://overlawyered.com/2013/09/institute-justice-tackles-st...
- jamhan 13y agoThis seems to me to be more a problem of rampant abuse of forfeiture laws rather than a failure of structuring laws. The many stories I have read recently of "forfeiture corridors" in the USA would seem to reinforce that.
- oleganza 13y agoThe financial regulations are pretty complicated and can be interpreted or retroactively changed as guys in your government want. Especially in US. There are already "anti-hidden compartment laws": http://www.aei-ideas.org/2013/11/america-heres-your-war-on-drugs-a-felony-drug-arrest-in-ohio-for-not-trafficking-drugs/#mbl http://www.aei-ideas.org/2013/11/america-heres-your-war-on-d... So if you want to hide your bitcoin traces, it's better to make them completely diffused in the rest of the blockchain history to avoid attracting any extra eyes.