Financial Crimes

Question 1

What are monetary instruments?

Answer 1

• Currency
• All Negotiable instruments in bearer form, endorsed without restriction, made out to a fictitious payee, or anytime title passes upon delivery
• travelers’ checks in any form
• incomplete instruments signed but with payee’s name omitted
• securities or stock in bearer form or in any form where title passes upon delivery

Question 2

Is gold considered currency?

Answer 2

No its considered merchandise

Question 3

What are the elements of 31 U.S.C. 5332 (bulk cash smuggling)?

Answer 3

• Transportation or transfer
• Monetary instruments exceeding $10,000
• Into or out of the U.S.
• KNOWINGLY concealed
• With the intent to evade the CMIR reporting requirements

Question 4

What’s 31 U.S.C. 5316 (Currency and Monetary Instruments Reporting)??

Answer 4

• Anyone
• Who transports or causes the physical transportation of
• Monetary instruments
• In excess of $10,000
• At one time
• In or out of the United States
• MUST file a report with CBP at time of arrival or departure