31 U.S.C. §§ 5301-5326 - Currency and Foreign Transactions Reporting Act, as amended

Customs requires reports of exports and imports of monetary instruments in excess of $10,000. See also 31 C.F.R. Part 103 (1995). Customs also enforces regulations pertaining to annual reporting requirements that U.S. holders of foreign bank accounts with an aggregate exceeding $10,000 report to IRS. 31 C.F.R. Part 103 (1995). Money Laundering Suppression Act of 1994, amended §§ 5311-5324, including the inclusion of instruments drawn on a foreign financial institution (not in bearer form) into the definition of monetary instruments under §§ 5312; the registration of money transmitting businesses §§ 5330; adding new §§ 5324, in part to reverse Ratzlaf v. United States by eliminating the term "willfully" thereby clarifying that a violation of §§ 5324 requires only that the defendant was aware of the reporting requirement and took steps to avoid the report, but not knowledge that the structuring was illegal.