ImmigrationINFO Immigration News For Our Community...Transporting Cash In/Out of the United States

ImmigrationINFO Immigration News For Our Community…Transporting Cash In/Out of the United States

Mar 08, 2015 News

By Attorney Gail Seeram,
[email protected]

Recently, one of my clients had US$12,000 seized by U.S. Customs & Border Protection, as he was about to depart the United States on an international flight. His mistake – he failed to report or declare to U.S. Customs & Border Protection at the airport that he had over US$10,000 in his possession.
Any person or family departing or entering the United States (regardless of U.S. immigration status) must report or declare to U.S. Customs & Border Protection, if they have $10,000 or more in currency or negotiable monetary instruments. They must complete a “Report of International Transportation of Currency and Monetary Instruments” FinCEN Form 105 and inform the airline agent upon check-in that they need to file a FinCEN Form 105 with a U.S. Customs & Border Protection officer, before departing on their international flight.
Failure to file a FinCEN Form 105 and report you are transporting over US$10,000 in currency and/or monetary instruments outside of the United States will result in seizure of ALL currency and monetary instruments in your possession. Once the money is seized, then an administrative proceeding can be initiated to decide if the funds should be returned, and civil penalties will be accessed.
Please be aware, if persons/family members traveling together have US$10,000 or more, they cannot divide the currency between each other to avoid declaring the currency.
For example, if one person is carrying US$5,000 and the other has US$6,000, they have a total of US$11,000 in their possession and must report it on a FinCEN Form 105. If a person or family fails to declare their monetary instruments in amounts of over US$10,000, their monetary instrument(s) may be subject to forfeiture, and could result in civil and criminal penalties.
Monetary instruments include currency, personal checks (endorsed), travelers’ checks, gold coins, securities or stocks in bearer form. Monetary instruments that are made payable to a named person but are not endorsed, or which bear restrictive endorsements, are not subject to reporting requirements, neither are credit cards with credit lines of over US$10,000. Gold bullion is not a monetary instrument for purposes of this requirement.
So, for my client, he was not aware of the reporting requirement for transporting US$10,000 or more outside the United States. He was questioned by U.S. Customs & Border Protection before boarding his flight and he thought he only had to report or declare the currency if it was for personal use (he was taking the currency outside the U.S. for business reasons). Currency and monetary instruments of US$10,000 or more must be declared or reported, regardless of whether it will be used for business reasons, personal reasons, or is a gift.
Now, U.S. Customs & Border Protection is holding my client’s currency and we are in administrative proceedings seeking the return of his currency minus the civil penalties he will have to pay.
Moral of the story is that ignorance of the law is no excuse for not following the law. Whether you are aware of the reporting requirement for transporting currency and monetary instruments in/out of the U.S. is irrelevant if you are caught not adhering to the laws. For any persons traveling in or out of the United States, it’s a good idea to visit the following website and to be aware of the rules and regulations at the U.S. port of entry: http://www.cbp.gov/travel/us-citizens/know-before-you-go

For more information, contact Gail Law Firm:
Email: [email protected]
Phone: 1-877-GAIL-LAW or 407-292-7730
www.MyOrlandoImmigrationLawyer.com