US financial officials said on Tuesday that they would require money services businesses operating near the Mexican border to report a very small transaction as part of drug cartel’s efforts to target money laundering.
The Financial Crime Enforcement Network of the US Treasury Department issued the so -called geographical targeting order for the money transmitter in the 30 zip code in California and Texas. The order reduces Finsen from $ 10,000 to $ 200 to file a transaction reports for businesses.
Treasury Secretary Scott Besent said the order was part of the administration’s efforts to deal with the risks of the drug cartel present for the US financial system.
“A statement said in a statement that as part of an entire government’s approach to combat the danger, the Treasury focused on all of our available equipment and officials to improving and combating these criminal activities.”
Since assuming office, President Donald Trump has threatened Mexico with tariffs that Fantenal has to find more and more efforts to fight smuggling. He nominated Mexican Cartels as terrorist organizations and his Attorney General Palm Bondi reorganized the Department of Justice to carry forward the target of Trump of “Total Elimination” of the groups.
The new order from the Treasury, which will be effective 30 days after being published in the federal register, did not specify what types of transactions are under special investigation by the authorities. Such money service businesses change the currencies, sell cash checks, pre-paid services and send international money wire or remittance.
Cartel’s designation as terrorist organizations has created a high risk for companies that provide high risk to companies that facilitate payments.
This article was generated from an automated news agency feed without amending the text.
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