Occasionally a family business may run up against the law when multiple cash transactions add up to an amount over the $10,000 limit or multiple bank accounts are kept within amounts just under the $10,000 criminal threshold.
The practice of breaking large sums of money into smaller ones is known as money structuring and is considered a crime by the Federal Government. If you are under Government scrutiny for possible money structuring it’s important to contact a Clearwater criminal defense attorney as soon as possible to help with your defense.
Money structuring was recently in the news when the Korean mother and small store owning parent of a State Supreme Court nominee was found to have violated the Bank Secrecy Act. Needless to say the son will not be serving as a Judge, but at least his mother will not be going to prison which is a good result under the circumstances.
Although this case did not occur in Florida, more Florida Federal cases in the Middle District of Florida including Tampa, Pinellas and Hillsborough are being investigated by the the Government especially with tax season approaching, if you need your case evaluated contact a Clearwater White Collar Criminal Defense Attorney. Here are some interesting facts about the money structuring case according to a recent news article:
The government’s case is rooted in the Bank Secrecy Act, a decades-old federal law intended to crack down on money laundering. The structuring violation can be pursued civilly or criminally, and criminal convictions can result in a hefty fine and a prison sentence of up to five years…most structuring cases are brought against people trying to evade paying taxes and that the government tends to prefer them over tax fraud cases because they are less complicated to litigate and often end up in settlements.
|Manet, The Laundry, 1875|