#1845: Reporting requirements and the Haitian community (fwd)

[Robert Corbett <bcorbett@netcom.com>]

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.