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. Under a geographical targeting order (GTO) issued in April 2015, electronics exporters located in zip codes near the Miami International Airport must file Form 8300s on customers who buy $3,000 or more in cell phones and other goods with currency, whether as a single sale or in related transactions. Federal rules typically require businesses to file the reports for currency purchases over $10,000. The order, which was set to expire...
The U.S. Treasury Department on Thursday ordered title insurance firms to continue reporting "all cash" acquisitions of luxury property in New York, Florida, California and Texas for another six months amid concerns that criminals are still converting their profits into luxury real estate.
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 Wednesday directed title insurance firms involved in real estate transactions to collect data on the beneficial owners of companies acquiring luxury properties in Manhattan and Miami with cash.
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.