is there a limit to the amount of actual cash the law allows you to possess at one time?
2007-10-19 19:55:27 · 5 answers · asked by nvrsbr 2 in Politics & Government ➔ Law & Ethics
if there is no limits then what is money laundering?
2007-10-19 20:08:58 · update #1
if you mean actual cash on your person, no there are no laws you can be as stupip as you want and drag a wagon behind you full fo cash if you want. I am sure someone will protest you having that much and help you lighten your load
2007-10-19 20:02:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In the US -- anything $10,000 or over is subject to money laundering and trafficing laws -- and must be reported when used in transactions, or carried through checkpoints
Ownership of property is not limited -- though taxes apply.
2007-10-20 11:21:07 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
no any cash transaction over 10k has to be reported to Irs and there are limits on taking cash in out of country but u can legally walk round with millions will make u a prime robeery target and large cash amounts trigger suspicions about crime
2007-10-20 03:13:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
not in the united states...people dont usually keep more than 100,000 in 1 bank because of the FDIC...but then again what are the chances that your bank will go bankrupt...and if the whole economy fails like it did in the 30s there's no way the FDIC can insure all that loss.
2007-10-20 02:58:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
money laundering? have a look.
http://en.wikipedia.org/wiki/Money_laundering
2007-10-20 03:20:44 · answer #5 · answered by ? 6 · 0⤊ 0⤋