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Can you summarize 31 USC 5317?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Search and forfeiture of monetary instruments
Short Summary
This legal document, found in the United States Code, governs the search and forfeiture of monetary instruments. The Secretary of the Treasury has the authority to apply for a search warrant when there is a reasonable belief that a monetary instrument is being transported without the required report or with a material omission or misstatement. Customs officers at the border have the power to stop and search vehicles, vessels, aircraft, containers, and individuals to ensure compliance with reporting requirements. The document also outlines the procedures for criminal and civil forfeiture of property involved in violations of section 5313, 5316, or 5324 of this title. Criminal forfeiture requires the defendant to forfeit all property involved in the offense and any property traceable to it. Civil forfeiture allows for the seizure and forfeiture of property involved in the offense or any property traceable to it. The Internal Revenue Service has specific requirements for seizing property related to structuring transactions. Overall, this document establishes the legal framework for the search and forfeiture of monetary instruments in the United States.
Whom does it apply to?
The Secretary of the Treasury, customs officers, and individuals involved in violations of section 5313, 5316, or 5324 of this title
What does it govern?
Search and forfeiture of monetary instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
For criminal forfeiture: all property involved in the offense and any property traceable to it must be forfeited. For civil forfeiture: any property involved in the offense or any property traceable to it may be seized and forfeited to the United States.
Jurisdiction
U.S. Federal Government