A U.S. Treasury Department order last summer calling for greater reporting by armored car companies in Southern California has driven a sharp spike in federal cash seizures near San Diego. Agents with U.S. Customs and Border Patrol seized $883,705 bound from Tijuana to San Diego County in the first half of fiscal year 2015-a sum slightly higher than that seized at area border crossings during the entire previous fiscal year and hundreds of thousands of dollars more than seized in earlier periods, according to statistics obtained by ACAMS moneylaundering.com. The uptick is the result of a 6-month geographic targeting order...
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.