Bulk Cash Smuggling Act of 1998

Bulk Cash Smuggling Act of 1998 - Prohibits, and sets penalties for, knowingly concealing, with intent to evade a currency reporting requirement, more than $10,000 in currency or other monetary instruments on an individual's person or in any conveyance, article of luggage, merchandise, or other container and transporting or transferring such currency or monetary instruments (or attempting to do so) from a place within, to a place outside, the United States, or vice versa.

Sets forth forfeiture provisions. Directs the court, upon a showing by the property owner by a preponderance of the evidence that the currency or monetary instruments involved in the offense giving rise to the forfeiture were derived from a legitimate source and were intended for a lawful purpose, to reduce the forfeiture to the maximum amount that is not grossly disproportional to the gravity of the offense.

(Sec. 4) Revises provisions regarding search and forfeiture of monetary instruments to direct the court, in imposing sentence for any violation of specified currency and monetary instrument reporting requirements, or conspiracy to commit such a violation, to order the defendant to forfeit all property involved in the offense and any property traceable thereto.

Sets forth provisions regarding procedures governing forfeiture, civil forfeiture, and proportionality of the forfeiture.