(IDEX Online) - A jewelry store owner admitted failing to declare cash transactions over $10,000, after selling items to an undercover federal agent posing as a heroin dealer.Junaid "Jay" Sahibzada, 37, faces up to five years in federal prison without parole, said the U.S. Attorney's Office, Western District of Missouri. Sentencing will take place later.Sahibzada, of Lenexa, Kansas, co-owns Gold-N-Time, a kiosk shop, and Jawa Jewelers, a storefront, both in the Independence Center mall, in Independence, Missouri.He sold two pieces of custom jewelry to the agent, who said he was interested in laundering money, for $21,100.The agent told Sahibzada he did not want any government forms filed. Sahibzada said it would not be a problem because no one would know about cash purchases.Sahibzada subsequently failed to submit a mandatory Form 8300, as required by the IRS (Internal Revenue Service) and the Financial Crimes Enforcement Network to combat money laundering.He later admitted he'd never filed a Form 8300, despite having completed many jewelry cash transactions over $10,000.