Miami Federal Crime Attorney
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Failure to File Cash Transaction Reports in Miami

Miami Federal Crime Lawyer Explains Failure to File CTR Charges

Under the terms of the federal Bank Secrecy Act of 1970 and the Internal Revenue Code, all businesses and corporations in Miami and throughout the United States are required by law to file an IRS Form 8300, "Report of Cash Payments Over $10,000 Received in a Trade or Business" on any and all transactions exceeding $10,000.

Currency transaction reports, also referred to as cash transaction reports or simply CTRs, are used largely for the purpose of preventing and detecting money laundering activities. By requiring the submission of CTRs for large financial transactions, the federal government hopes to be able to crack down on money laundering for the purposes of tax evasion, financial fraud, terrorist financing, drug trafficking and other types of illegal activities.

Penalties for Failure to File IRS Form 8300 in Miami

Failure to file a CTR is punishable by harsh criminal penalties. This white collar crime can be charged as a felony, with a possible sentence including prison time, steep fines and even payment of the costs of prosecution. If you are accused of willfully violating the requirement to file Form 8300, you may be fined up to $250,000 and sent to federal prison for as much as 5 years.

Filing the form despite the fact that you do not believe it to be true and correct is punishable by as much as $1000 in fines and 3 years in prison. In the event that you are charged with failure to file while also violating other laws of the United States, such as in relation to drug trafficking activities, you may be sentenced to pay $500,000 in fines and sent to prison for 10 years.

At our firm, we understand how much you have at stake, and we urge you to contact us at Joel DeFabio, PA now for a confidential consultation. A Miami federal crime lawyer from our team is ready to meet with you to discuss the situation and hear your side of the story. We will take the time to help you understand your legal options, and will be prepared to take immediate action on a strategy for defending you against the consequences you face.

Contact us now for your free case evaluation and to get the process started.

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  1. Over 35 years of Experience
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