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.
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.
American seizures of cash bound for the Mexican border are on track to reach their lowest annual total in the last six years, federal statistics show.
The U.S. Treasury Department on Monday ordered money services businesses in South Florida to more closely scrutinize clients cashing federal tax-refund checks as part of a crackdown on rampant fraud.
The 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.
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 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.
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