Why is transporting more than $10,000 cash illegal?

[buddhallah_the_christ]

This is sort of a two part question, why is transporting legal US tender illegal, or if not, require some sort of approval? Secondly, who sets the number at $10k? I remember that being the number as a kid 20 years ago from movies, but $10k 20 years ago is worth $16k now... it's not a terribly large amount of money any more.
Where did we get such a strange restriction?

 

[Wyatt earp]

Why would anyone want to carry that much in cash?

In any event probably had to do with the mob

 

[theDoctorisIn]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

 

[Teddy Pollins]

Because it's not really your money.
The government allows you to have some. But not too much cash, if you want to do big a transaction you have to go through the banks and they have to agree with who you want to trade because remember, it's not your money.

 

[TheGreatGatsby]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

Which is not really probable cause; but The Constitution is a face value document in this country.

 

[The Rabbi]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

Not entirely true. Holding large amounts of cash is prima facie evidence of either drug dealing or tax evasion.

 

[Skull Pilot]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

Not entirely true. Holding large amounts of cash is prima facie evidence of either drug dealing or tax evasion.

Yeah the fuck with innocent until proven guilty

 

[Mac1958]

Those of us who get to experience the regulatory bliss of being in the financial services industry have to complete AML (Anti-Money Laundering) training at least once a year (sometimes far more than that, depending on the situation). Among the myriad signs of money laundering we need to watch for is high sums of cash and frequency of moving high sums of cash.

So it's not only banks, it's all financial institutions and their employees. I can see it.

Truth be told, of all the regulatory training we have to do, this can be interesting at times.

.

 

[Skull Pilot]

Those of us who get to experience the regulatory bliss of being in the financial services industry have to complete AML (Anti-Money Laundering) training at least once a year (sometimes far more than that, depending on the situation). Among the myriad signs of money laundering we need to watch for is high sums of cash and frequency of moving high sums of cash.

So it's not only banks, it's all financial institutions and their employees. I can see it.

Truth be told, of all the regulatory training we have to do, this can be interesting at times.

.

All investment products have a record of the transaction, the person's SS number, address, require an ID so it really doesn't matter if the product is bought with cash, check or bank transfer.

It's a presumption of guilt

Shit people can be suspect for buying a plane ticket with cash these days.

It's fucking ridiculous

 

[Mac1958]

Those of us who get to experience the regulatory bliss of being in the financial services industry have to complete AML (Anti-Money Laundering) training at least once a year (sometimes far more than that, depending on the situation). Among the myriad signs of money laundering we need to watch for is high sums of cash and frequency of moving high sums of cash.

So it's not only banks, it's all financial institutions and their employees. I can see it.

Truth be told, of all the regulatory training we have to do, this can be interesting at times.

.

All investment products have a record of the transaction, the person's SS number, address, require an ID so it really doesn't matter if the product is bought with cash, check or bank transfer.

It's a presumption of guilt

Shit people can be suspect for buying a plane ticket with cash these days.

It's fucking ridiculous

Can't argue, and this is a part of the liberty vs. safety argument. I don't know if this rule has resulted in success, and frankly, because I have no choice but to do it, I've never really checked.

.

 

[quorthon]

Why in the world would someone want to carry 10,000 dollars in cash instead of using a bank card? Unless it's dirty money or for some ill purpose.

 

[Skylar]

This is sort of a two part question, why is transporting legal US tender illegal, or if not, require some sort of approval? Secondly, who sets the number at $10k? I remember that being the number as a kid 20 years ago from movies, but $10k 20 years ago is worth $16k now... it's not a terribly large amount of money any more.
Where did we get such a strange restriction?

Its not.

snopes.com Illegal to Carry 10 000 in Cash

 

[reconmark]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

Not entirely true. Holding large amounts of cash is prima facie evidence of either drug dealing or tax evasion.

No it's not you dolt....

 

[hipeter924]

Till the drug war ends (and soft drugs like weed are legal), cash will be viewed as an issue due to gangs - then again prostitution is a big money earner too even though it is illegal in most US jurisdictions.

But in the majority of cases where cash is seized, it is police confiscating money for profit, much like how they generate revenue from fines for speeding.

 

[Clementine]

This is sort of a two part question, why is transporting legal US tender illegal, or if not, require some sort of approval? Secondly, who sets the number at $10k? I remember that being the number as a kid 20 years ago from movies, but $10k 20 years ago is worth $16k now... it's not a terribly large amount of money any more.
Where did we get such a strange restriction?

It doesn't even have to be that much. Carrying a lot of cash gives police cause, under the current laws, to confiscate the money without even charging the person with a crime.

Never mind if you are a person who doesn't believe in banks or just won the cash at a casino. Police don't seem to care about any explanations as to why a person has cash. They just take it and it's up to the individual to hire a lawyer and try to get some of it back.

Banks have to report it if people deposit $10,000 or more. Then a new law allowed police to confiscate a person's bank account if they deposited less than $10,000 because they can claim the person is trying to get around the law by depositing less than $10,000. In other words, they want your money and they will take it. Some business owners have had their accounts seized after they made deposits of less than $10,000. One person ran a cash only business selling food. Perfectly legit, but lost everything anyway.

In many of these cases, the people can easily account for the money and there is nothing illegal. Of course, when government decides to make it a crime just to have the money, regardless of how legitimate it is, it allows police to take it without even accusing anyone of wrong doing, let alone actually charging them.

What this law does is give police authority to take anything from anyone for no reason at all.

 

[Dont Taz Me Bro]

Civil asset forfeitures are finally starting to get some needed attention. They have been grossly abused for far too long. Montana and New Mexico have recently made it illegal for police to seize assets without a criminal conviction first.

 

[hortysir]

Why in the world would someone want to carry 10,000 dollars in cash instead of using a bank card? Unless it's dirty money or for some ill purpose.

Why should it matter?
And it doesn't have to be dirty.

Illegal search and seizure is what's dirty

 

[ScreamingEagle]

This is sort of a two part question, why is transporting legal US tender illegal, or if not, require some sort of approval? Secondly, who sets the number at $10k? I remember that being the number as a kid 20 years ago from movies, but $10k 20 years ago is worth $16k now... it's not a terribly large amount of money any more.
Where did we get such a strange restriction?

It doesn't even have to be that much. Carrying a lot of cash gives police cause, under the current laws, to confiscate the money without even charging the person with a crime.

Never mind if you are a person who doesn't believe in banks or just won the cash at a casino. Police don't seem to care about any explanations as to why a person has cash. They just take it and it's up to the individual to hire a lawyer and try to get some of it back.

Banks have to report it if people deposit $10,000 or more. Then a new law allowed police to confiscate a person's bank account if they deposited less than $10,000 because they can claim the person is trying to get around the law by depositing less than $10,000. In other words, they want your money and they will take it. Some business owners have had their accounts seized after they made deposits of less than $10,000. One person ran a cash only business selling food. Perfectly legit, but lost everything anyway.

In many of these cases, the people can easily account for the money and there is nothing illegal. Of course, when government decides to make it a crime just to have the money, regardless of how legitimate it is, it allows police to take it without even accusing anyone of wrong doing, let alone actually charging them.

What this law does is give police authority to take anything from anyone for no reason at all.

this shows ya how sick our government really is...freedom and privacy be damned.....of course Big G wants a cashless society...

someone asked why would anyone use cash instead of a bank card...just wait until we have bank closures and a 'bail-in' like Greece and Cyprus....

 

[Moonglow]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

Which is not really probable cause; but The Constitution is a face value document in this country.

Oblama changed the unconstitutional forfeiture law that Reagan implemented...

 

[hortysir]

It is not illegal to "transport" more than $10,000 in cash. The law is that cash transactions greater than $10,000 must be reported to the federal government by the bank.

But police can and do seize large amounts of cash via civil forfeiture. If you happen to get pulled over with a large amount of cash they'll assume (or pretend) it's drug related.

Which is not really probable cause; but The Constitution is a face value document in this country.

Oblama changed the unconstitutional forfeiture law that Reagan implemented...

Link please
Thanks