liquidity trap is an attempt to avoid large currency reporting.
liquidity trap is an attempt to avoid large currency reporting.
is an attempt to avoid large currency reporting?
liquidity trap
Na
Na
the third subtitle deals with currency crimes. largely because of the effectiveness of the bsa, money launders had been avoiding traditional financial institutions to launder money and were using cash-based businesses to avoid them. a new effort was made to stop the laundering of money through bulk currency movements, mainly focusing on the confiscation of criminal proceeds and the increase in penalties for money laundering. congress found that a criminal offense of merely evading the reporting of money transfers was insufficient and decided that it would be better if the smuggling of the bulk currency itself was the offense. therefore, the bsa was amended to make it a criminal offense to evade currency reporting by concealing more than us$10,000 on any person or through any luggage, merchandise or other container that moves into or out of the u.s. the penalty for such an offense is up to 5 years' imprisonment and the forfeiture of any property up to the amount that was being smuggled. it also made the civil and criminal penalty violations of currency reporting cases be the forfeiture of all a defendant's property that was involved in the offense, and any property traceable to the defendant. the act prohibits and penalizes those who run unlicensed money transmitting businesses. in 2005, this provision of the usa patriot act was used to prosecute yehuda abraham for helping to arrange money transfers for british arms dealer hermant lakhani, who was arrested in august 2003 after being caught in a government sting. lakhani had tried to sell a missile to an fbi agent posing as a somali militant. the definition of counterfeiting was expanded to encompass analog, digital or electronic image reproductions, and it was made an offense to own such a reproduction device. penalties were increased to 20 years' imprisonment. money laundering "unlawful activities" was expanded to include the provision of material support or resources to designated foreign terrorist organizations. the act specifies that anyone who commits or conspires to undertake a fraudulent activity outside the jurisdiction of the united states, and which would be an offense in the u.s., will be prosecuted under , which deals with fraud and related activity in connection with access devices.
patriot act