NCJ Number
109806
Journal
Police Chief Volume: 55 Issue: 1 Dated: (January 1988) Pages: 52-54
Date Published
1988
Length
3 pages
Annotation
Internal Revenue Service (IRS) special agents have worked with many Federal, State, and local law enforcement agencies to tackle the problem of tax avoidance and tax evasion, including money laundering.
Abstract
The Bank Secrecy Act provides the basic tools for identifying those who attempt to conceal their participation in crimes involving substantial amounts of currency. These include records that must be maintained by financial institutions for up to 5 years (e.g., checks, deposit slips); the currency transaction report that must be filed by banks and other financial institutions for transactions over $10,000; a currency or monetary instruments report that covers the transportation of currency or monetary documents of $10,000 over the U.S. border; and foreign bank account reports. Additional regulations have established other reporting requirements of utility. Using these tools, the IRS has been able to identify and obtain convictions of individuals for tax evasion and large-scale drug trafficking.