Under federal law 31 USC § 5324 (“§ 5324”), banks and other financial institutions must report currency transactions conducted by one person (or on his or her behalf) that are $10,000 or more, as well as any multiple currency transactions that in aggregate total $10,000 or more in a single day. When a currency transaction is $10,000 or more, banking institutions must complete Currency Transaction Reports (“CTRs”). Attempting to break up transactions into smaller amounts so as to avoid the filing of a CTR is called “Structuring” and is considered a federal crime. A Structured Crimes conviction will result in imprisonment for up to five years and/or a fine of up to $250,000. If the Structuring involves more than $100,000 in a twelve-month period, or is performed while violating another federal law, the penalty for the offense doubles.
Proving Structured Crimes got a lot easier in 1994 because Congress amended § 5324 by deleting the statutory “willfulness” requirement for all criminal prosecutions brought under 31 U.S.C. 5324; the government only needs to now prove that criminal defendants prosecuted under § 5324 acted for the purpose of evading the CTR reporting requirements. Nothing more in terms of establishing a criminal mindset must be shown to garner a conviction.
The criminal defense attorneys that make up the criminal defense team at SQ Attorneys is a highly skilled, knowledgeable and experienced team dedicated to providing aggressive representation for those charged with committing Structured Crimes in Western Washington. The SQ Attorneys Team creates success by, among other things, working with law enforcement and the prosecuting attorney’s office to ensure that all facts and circumstances related to the allegations are considered in creating the most equitable and fair resolution possible.
