Companies linked to an ongoing trade-based money laundering operation in the Los Angeles fashion district are willing to break the law again, provided their payouts are more effectively disguised, an investigator said Tuesday. In September, federal, state and local agents seized roughly $90 million in alleged drug proceeds from as many as 50 Los Angeles companies under surveillance for their purported participation in a "Black Market Peso Exchange" scheme to launder money for Mexico's powerful Sinaloa cartel. The vast majority of the seized currency was denominated in $10,000-stacks of new, sequentially-numbered $100 bills traced by investigators and federal banking regulators...
Some of the 700 Miami-area electronics retailers placed under enhanced reporting requirements by the U.S. Treasury Department last year are routing payments through recently-created offshore branches to circumvent the rules.
U.S. officials are likely to gather a wealth of data from the imposition of newly-mandated reporting requirements but may have limited means to directly enforce compliance with the rules, according to government sources.
The U.S. Treasury Department on Tuesday directed hundreds of electronics companies near Miami to comply with enhanced cash reporting requirements as part of a federal effort to expose a trade-based money-laundering scheme.
The U.S. Treasury Department said Friday that, in response to law enforcement concerns, armored car services and other couriers transporting cash between Tijuana, Mexico and San Diego, California must comply with enhanced border declaration requirements.