Banks have to report cash deposits of $10,000 and higher to Federal authorities. I believe the main reason being this would make illegal money easily recognizable and alert authorties that the money probably is drug-related. Drug-dealers therefore break cash deposits into $9,000 batches and open up many accounts. Their “associates” then go to various banks and deposit these smaller amounts. (called ‘smurfing’).
My question is, has this law done anything to hurt the illegal drug trade?