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Can you summarize 31 USC 5316?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Reports on exporting and importing monetary instruments
Short Summary
This section of the United States Code governs the reporting requirements for exporting and importing monetary instruments. It applies to persons, agents, or bailees who knowingly transport or receive monetary instruments of more than $10,000 at one time. The report must be filed at the time and place prescribed by the Secretary of the Treasury and should include information such as the legal capacity of the person filing the report, the origin, destination, and route of the monetary instruments, the identity of the person giving or receiving the instruments, and the amount and kind of monetary instruments transported. There are exemptions for common carriers of passengers with monetary instruments and common carriers of goods if the shipper does not declare the instrument. The document does not specify the penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Persons, agents, or bailees who transport or receive monetary instruments
What does it govern?
Exporting and importing monetary instruments
What are exemptions?
Common carriers of passengers with monetary instruments, common carriers of goods if the shipper does not declare the instrument
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government