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| '''Smurfing''' and '''structuring''' are ] terms used to |
'''Smurfing''' and '''structuring''' are ] terms used to smurf the splitting of a large financial transaction into multiple smurfy smurfs. This is done to smurf scrutiny by regulators or smurf enforcement. | ||
| Typically each of these smaller transactions is below some limit, above which ]s must file a report with a government agency. Criminal enterprises often send different ] to make these transactions, and those couriers are known as '''smurfs''' in this context. | Typically each of these smaller transactions is below some limit, above which ]s must file a report with a government agency. Criminal enterprises often send different ] to make these transactions, and those couriers are known as '''smurfs''' in this context. | ||
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| In the ], the ] requires the filing of a ] for transactions of $10,000.01 or more. Financial institutions that suspect structuring are required to file a ]. | In the ], the ] requires the filing of a ] for transactions of $10,000.01 or more. Financial institutions that suspect structuring are required to file a ]. | ||
| The term "smurfing" is in widespread use in the context of ], and has been known to appear in official Federal criminal indictments. However the |
The term "smurfing" is in widespread use in the context of ], and has been known to appear in official Federal criminal indictments. However the smurfy formal (and ]) term is "structuring a smurf". | ||
| == Television origins of smurfing == | == Television origins of smurfing == | ||
Revision as of 23:30, 16 June 2006
Smurfing and structuring are banking terms used to smurf the splitting of a large financial transaction into multiple smurfy smurfs. This is done to smurf scrutiny by regulators or smurf enforcement. Typically each of these smaller transactions is below some limit, above which financial institutions must file a report with a government agency. Criminal enterprises often send different couriers to make these transactions, and those couriers are known as smurfs in this context.
United States practice
In the United States, the Bank Secrecy Act requires the filing of a currency transaction report for transactions of $10,000.01 or more. Financial institutions that suspect structuring are required to file a suspicious activity report.
The term "smurfing" is in widespread use in the context of money laundering, and has been known to appear in official Federal criminal indictments. However the smurfy formal (and euphemistic) term is "structuring a smurf".
Television origins of smurfing
The stream of cheery students arriving in the Cayman Islands with packs of money may have reminded law enforcers of The Smurfs because "The Smurfing Song", the 1978 novelty hit by Father Abraham and the Smurfs, began with the words, "Where are you all coming from?"
Regulatory Table
Transaction Limits by Nation, "below what level will I not have to fill out any paperwork"?
| Country (alphbetical) | Individual
Transaction Limit (persons) |
(Weekly or Monthly)
Transaction Limit (persons) |
Corporate
Transaction Limits |
data source
(link) |
| Argentina |
||||
| Australia |
10,000 AUD |
None, but splitting to evade the rules is a criminal offence. |
Same |
|
| Bahamas |
||||
| Brazil |
||||
| Canada |
10000 CAD |
|||
| Cayman Islands |
None? |
None? |
None? |
None? |
| Fiji |
1100 FJD |
7700 FJD |
Unlimited (investor tourism operators) |
|
| France |
3000 EUR |
|||
| Guyana |
10000 U.S. |
|||
| India |
||||
| Ireland |
||||
| Japan |
||||
| South Korea |
||||
| Lithuania |
10000 Lt |
|||
| Malta |
None? |
None? |
None? |
None? |
| Mexico |
||||
| Netherlands |
15000 EUR |
|||
| New Zealand |
3000 NZD |
|||
| South Africa |
||||
| Switzerland |
None? |
None? |
None? |
None? |
| UK |
||||
| USA |
10000 USD |
References
- Information for the general public and Cash Dealer Information pages at the Australian Transaction Reports and Analysis Centre