Suspicious Activity Report concerning the transactions

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Reference no: EM133935779

Topic: Money Laundering

Fact pattern 1

Dale Gribble owns a pest control business. His business is cash only and his receipts rarely vary from $4,000 per week, which he diligently deposits every Friday, for a typical monthly total of $16,000.

Question 1. Do Dale's $4,000 per week cash deposits violate 31 U.S.C. § 5324's prohibition on structuring transactions? Why or why not?

Question 2. Will the financial institution prepare a Suspicious Activity Report concerning the transactions? What information might make them more or less likely to do so?

Fact pattern 2

Ted Strickland owns a business called Strickland Propane, which sells propane and propane accessories. Ted has inherited a Swiss bank account from his recently deceased mother. Ted suspects that his mother never paid taxes on the gains in the account, and so would like to move it to the United States "nice and secret like." Accordingly, he sets up new business account at Strickland Propane for "Mom's Books and Cookery" and creates false invoices for nonexistent propane orders, which he pays through wire transfers drawn on the Swiss account.

Question 1. Has Ted violated federal laws against money laundering? Why or why not?

Question 2. Ted is able to drain the Swiss Bank account within three months of inheriting it using the scheme described above. Must he file an FBAR form? What additional information might you require?

Reference no: EM133935779

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