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US Treasury Orders Miami-area Businesses to Strengthen Cash Reporting
By Kira Zalan
printThe 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. Mexican drug cartels, including Sinaloa and Los Zetas, are using drug profits to purchase cell phones and other electronics from South Florida businesses and shipping them to South America, where the goods are sold for local currency, the department's Financial Crimes Enforcement Network (FinCEN) said, in a statement. Beginning April 28, the roughly 700 electronics companies affected by the bureau's Geographical Targeting Order (GTO) must collect and report...
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