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And it doesn't need to be 10K, either, although that is a common myth. Any transaction that appears to be structured in such a way as to avoid reporting requirements is treated as a suspicious transaction. Just one more thing that a conservative spouts off without having any clue what they're talking about.
It doesn't make sense at all - it's the stupidest thing I've ever heard, although it doesn't surprise me conservatives think it's brilliant. By that idiotic logic, nobody who is wealthy could ever possibly be guilty of a crime, because they don't need any more money. It's amazing to realize that there is anyone dumb enough to think that makes sense, and frightening to realize that there are tens of millions of you people roaming around on the loose in our country's streets, operating motor vehicles, carrying firearms, and voting.
Exactly!
While yes, cash transactions at or over $10k are automatically (or supposed to be) reported under various other laws including the Patriot Act many other things can trigger reporting. Even more to the point banks aren't supposed to inform account holders they've forwarded information to whatever authorities.
This can and often does mean people keep on doing what they are doing totally unaware things are being monitored. They believe (erroneously) that if bank suspects something it would have shut down the account. When arrests follow and feds play their hand it usually comes with a long list of those "suspect" transactions.
They haven't even been able to renovate 666, and the Chinese can't bail them out this time. And there's a $1.2 billion balloon payment due next month. Tick tock.
Meanwhile as mentioned in above link, the pulling out from EB-5 financing is more of a worry. There were already investigations into if the Kushner family misused that program.
"Duetsche Bank put out a statement denying the report’s claims..."
Same link.
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