The Financial Crimes Enforcement Network issued a Geographic Targeting Order (GTO) to about 700 Miami businesses imposing stricter reviews and reporting of cash transactions that might be tied to money laundering schemes.
The GTO targeted electronics exporters located near Miami, Florida, FinCEN said in a statement.
FinCEN, part of the U.S. Treasury Department, said the money-laundering schemes are used by drug cartels, including the Sinaloa and Los Zetas. The GTO is “aimed at disrupting the illicit financial infrastructure upon which these drug trafficking organizations rely.”
The original article can be found at www.fcpablog.com