[goodgrief]

The confusion here arises because there are different laws, passed at different times, regarding cash and checks.

Cash, by the way, refers to not just to cash as in greenbacks but also to traveler's checks and certain wire transfers. For awhile after the 1986 act was passed, there was a fad for drug distributors to use traveler's checks. The evil-doers also played with using wire transfers. So the definition of cash is a little broader than intuition suggests.

I actually don't know if ACH deposits are counted as wire transfers. I tend to think not. I thought ACH was more like electronic checks. There is a clear record of where they came from and where they are going already. No need to create a second trail. Perhaps our banker friend can clarify.

In any case, the guy with the several $12,500 checks cannot be laundering cash, since he is merely depositing checks. I hope you already know that all checks over $100 are required to be copied and kept on file at banks since the 1970s. So your checks are open to inspection by DOJ or Dept. of Treasury if you are ever the subject of an investigation. We can thank Nixon for that one. This was the infamous and badly named "Bank Secrecy Act," in which it was established that in U.S. banks, there ain't no such thing as secrecy. [img]/images/graemlins/smile.gif[/img] I exaggerate, of course, but perhaps only a little.

You may assume that the government can pull up a history of your deposits and withdrawals by check quite easily by presenting your bank with a subpoena.

Pay your taxes on all earned income. Don't try to earn by illegal activity, and don't associate with those who do. Not as fun as the oft-suggested "hookers and blow" but there it is.

To the man with several $12,500 checks, I say "well done, sir" and be sure to review the rules for estimated payment of tax, as making prompt estimated payments can reduce the amount of your taxes. If you wait until April 2008 to pay the taxes, there MAY be (depending on circumstance) additional penalties.

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If what Poker Ace writes is true, it seems to conflict with all the other postings. If it is JUST cash transfers, then this becomes a non-issue to all. So what's the truth?

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