Originally Posted by
Section 107
Currency over $10k - what can you tell us?
I would like to know how officers approach currency situations: broadly, what are the procedures and considerations when a pax
1. has declared/filed Fincen 105 - what affects if the person is allowed to keep the cash/instruments or it will be seized?
2. has not declared/filed Fincen 105 and is discovered to have currency/instruments in excess of $10k? I know s/he is given an opportunity to declare - but frequently when they do the cash is seized anyway. What factors are considered in these situations?
That I would love to know why people say it's illegal to carry more than $10,000. We have signs that say you must declare over $10,000. None of our Officers should ever say that there's a limit to how much you can bring in. Yet until the end of time, people will spread the myth or think that it's illegal to do so.
1) All. Assuming they're telling the truth and we verify it, why is a seizure even in question?
2) This is where we get into the fun times. It's hard to seize currency without proof that this person has had a prior warning. Say you get a couple from Iran that each have $5,000. Of course they are carrying a few dollars worth of Iranian Rials. Convert this to USD, and they're in excess of $10,000. 99.999% of the time, they will not declare it. Are they in violation? Yes. Are we going to seize it? No. And there's a whole lot of discretion in our jobs, where I can let this go down the road and it's on me. They have the chance for a written declaration (paper or kiosks) and a binding verbal declaration, where we ask them once in baggage secondary, "how much cash are you carrying?" This second time is where we hear the truth. If they say "30,000 total" but didn't declare it on paper, oh well, they just told us verbally. Now they'll be given a FINCEN105 form where they put it in writing, again.
After the FINCEN is where we as Officers can start seizing. But 99.999% of the people who don't declare it initially, tell the complete truth on that form.
It's when they lie on that form is when we can penalize or seize. It's rare.
We have rich businessmen come in every month and declare 80k. They know we don't check every time.
What baffles me is when they declare $30k on the FINCEN, and we find 50k. Like ... moron, you were already declaring and filling out the form for more than $10,000, and you know there's no limit...why hide it?