Beginning this month, businesses in Los Angeles' Fashion District must record when they accept $3,000 or more in cash, the U.S. Treasury Department said Thursday. The order by the Financial Crimes Enforcement Network (FinCEN) extends to a host of companies outside of the financial sector, including garment and textile stores, transportation firms, and businesses that include "import" or "export" in their names or sell shoes, lingerie, perfume, electronics, flowers, beauty supplies and travel services. The requirement, which lasts 180 days from Oct. 9, comes at the behest of Acting U.S. Attorney in the Central District of California Stephanie Yonekura, who...
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.
Hampered by restricted access to international wire data, U.S. federal officials are hoping to shine a light on a suspected money-laundering ring through reports on cash payments in Miami's electronics sector.
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.
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.