United States of America (USA) money Reporting Requirements

If you are planning on entering the U.S. from any port of entry (i.e.- Detroit-Windsor Tunnel, Ambassador Bridge, Blue Water Bridge, Sault Ste. Marie International Bridge, ferry, etc.) anytime soon, you must educate yourself on the U.S. money Reporting Requirements.

The law provides that if you transport, attempt to transport, or cause to be transported (including by mail or other method) money or other monetary instruments in an aggregate amount exceeding $10,000.00 or its foreign equivalent at one time from the United States to any foreign country, or into the United States from any foreign country, you must file a report with the U.S. Customs and Border Protection. This report is called the Report of International Transportation of money or Monetary Instruments, FinCEN Form 105.

“Monetary Instruments” include-

  1. U.S. or foreign coins and money;
  2. Travelers checks in any form;
  3. Negotiable instruments (including checks, promissory notes, and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in a form that the funds can be transferred to another person;
  4. Incomplete instruments (including checks, promissory notes, and money orders) signed, but with the payee’s name omitted; and
  5. Securities or stock in bearer form or otherwise in a form that the funds can be transferred to another person.

“Monetary Instruments” do NOT include-

  1. Checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements;
  2. Warehouse receipts; or
  3. Bills of lading.

Reporting is required under the money and Foreign Transaction Reporting Act (PL 97-258, 31 U.S.C. 5311, et seq.). Failure to comply can consequence in civil and criminal penalties and may rule to forfeiture of your monetary instrument. The purpose of the law is to prevent money laundering and to prevent criminal activity that is often times associated with cash transactions (i.e.- drugs).

The Government has Seized my Money. What are My Options? Must I relinquish my money?

All hope is not lost once the government seizes your money. You do not have to relinquish your money as options are obtainable. Once the government seizes your money, it is basic to retain a lawyer closest as time is of the essence. You are more likely to prejudice your case the longer you wait.

When the government has seized your money, you must file a appeal for relief to get your money back. Otherwise, you automatically relinquish your money to the government. When filing a appeal for relief with the government, you will have to prove the source of your funds and that there was a authentic use of the funds. There is no exact science for getting your money back. That is why it is so basic to have a lawyer represent you. We have a record of success in dealing with the U.S. Customs & Border Protection. Do not take the government on by yourself because your risk of failure is increased.

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