Wednesday, May 6, 2015

FinCEN Targets Money Laundering Infrastructure with "GTO" in Miami Which Overrides Banking Secrecy header image

The Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO)  to about 700 Miami businesses to shed light on cash transactions that may be tied to trade-based money laundering schemes. This is the third GTO, since August 2014.

These complex schemes are a primary method used by drug cartels, including the Sinaloa and Los Zetas, to launder their illicit proceeds. FinCEN's order is aimed at disrupting the illicit financial infrastructure upon which these drug trafficking organizations rely.

FinCEN, in coordination with U.S. Immigration and Customs Enforcement's Homeland Security Investigations (HSI) and Miami Dade State Attorney's Office South Florida Money Laundering Strike Force, issued the GTO on electronics exporters located near Miami, Florida. 

Law enforcement investigations reveal that many of these businesses are exploited as part of sophisticated trade–based money laundering schemes in which drug proceeds in the United States are converted into goods that are shipped to South America and sold for local currency, which is ultimately transferred to drug cartels. This GTO enhances the transparency of the covered businesses' transactions; it does not make any determination about their knowledge or lack thereof of the money laundering schemes.

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