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#1845: Reporting requirements and the Haitian community (fwd)
From: Max Blanchet <MaxBlanchet@worldnet.att.net>
Given that Haitians send home hundreds of
millions of dollars home yearly outside of banking
or transfer services channels, this law (see below)
is particularly relevant to our community.
Violation of this law can result in a great deal of grief
and cost a lot of money. Note that it applies whether
one is entering or leaving US territory.
Remember, ignorance of the law is no excuse ...
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REPORTING REQUIREMENT
MONETARY INSTRUMENTS
United States law (Currency and Foreign
Transactions Reporting Act (31 U.S.C. 5311
et seq.) requires that when any combination
of monetary instruments, described below, which
total in excess of $10,000 in United States
dollars or the foreign equivalent are transported
or about to be transported into or from the
United States, or received in the United States,
from abroad, the total transported, about to be
transported, or received must be reported to the
US Customs Service on Custom Form 4790.
"Monetary instruments" is defined in the law and
regulations as:
1. United States coins and currency
2. Foreign coins and currency
3. Travelers' checks
4. Bearer negotiable instruments (including
personal, business, bank and third-party checks,
promissory notes and money orders) and
instruments the title to which passes on mere
physical delivery
5. Securities and investment securities (including
stocks and bonds) in bearer form or otherwise in
such form so that title passes on delivery
FAILURE TO REPORT A MONETARY INSTRUMENT
AS REQUIRED BY LAW WILL RESULT IN ITS
SEIZURE AND POSSIBLE FORFEITURE.
CRIMINAL PROSECUTION MAY ALSO OCCUR.
The transportation of monetary instruments of
$10,000 or less may in some cases be subject to
the reporting requirements if they are part of or
related to larger transactions which will total in
excess of $10,000.
IF YOU HAVE ANY QUESTION WHETHER YOU
NEED TO REPORT FUNDS OR INSTRUMENTS
THAT YOU ARE TRANSPORTING, ARE ABOUT
TO TRANSPORT, OR HAVE RECEIVED, PLEASE
INQUIRE OF THE CUSTOMS INSPECTOR OR
OTHER CUSTOMS OFFICER AT THE PLACE OF
ARRIVAL OR DEPARTURE, OR CONTACT THE
CLOSEST DISTRICT OR AREA DIRECTOR OF
CUSTOMS, LISTED UNDER "CUSTOMS SERVICE"
OR "TREASURY DEPARTMENT" IN THE "UNITED
STATES GOVERNMENT" SECTION OF THE
TELEPHONE DIRECTORY.