Baltimore White Collar Crime Attorney Defending You in Annapolis & Bel Air
Money structuring – sometimes referred to as “smurfing” – is the practice of making calculated financial transactions in such a way as to avoid inquiries from federal institutions.
This crime is often committed as part of a grander scheme of:
If you are under investigation for money structuring, seek legal representation from our Baltimore white collar criminal defense attorney right away. Time is of the essence – you need legal counsel fast. Count on the Law Offices of James E. Crawford, Jr. & Associates to provide the support you are seeking.
Call us at (443) 709-9999 or contact us online.
The Bank Secrecy Act
In the act of money structuring, the perpetrator divides a large financial transaction – like a bank deposit, withdrawal, or transfer – into several smaller transactions. Under the U.S. Bank Secrecy Act, anyone making a financial transaction valued over $10,000 must file a currency transaction report (CTR). Violations of this Act can be penalized by a fine and up to five years in prison.
The Problem with Money Structuring Laws
If the IRS suspects someone of money structuring, they may seize the person’s assets – this puts the burden on the accused to defend themselves from the accusations and to prove that their deposits were legitimate.
Banks are required by law to report any behavior they see as suspicious and can be penalized if they fail to report a customer who is committing a crime. This gives banks an incentive to report anything they find suspicious. However, the bank is not allowed to inform you that they have reported you to the federal government.
Money structuring is a crime that can far too easily be committed by accident. An innocent person who deposits a couple thousand dollars every week may be suspected of trying to avoid filing a CTR and could be reported erroneously. With laws stacked against the taxpayer’s favor, you are at a disadvantage if accused of money structuring.
How We Can Help
At the Law Offices of James E. Crawford, Jr. & Associates, we believe that you deserve high-quality representation if you have been accused of money structuring. To help you avoid the harsh penalties of a conviction, we will do everything in our power to construct an effective defense.
To get started on your case, give us a call at (443) 709-9999.