Federal authorities Tuesday unveiled an anti-money laundering policy targeting 700 electronic export businesses in Miami-Dade County, requiring them to file reports with the U.S. government every time they receive more than $3,000.
The crackdown, carried out by U.S. Immigration and Customs Enforcement, aims to root out the laundering of drug- and other crime-tainted proceeds that flow into these businesses, authorities said. The same policy was imposed in Los Angeles last year.
Under current regulations, businesses are required to report receiving more than $10,000 in a single transaction to the U.S. Department of Treasury.
Those now subject to ICE’s Geographic Targeting Order — in areas such as Doral, Medley and Miami Springs that export cellphones and other electronics — will have to report each transaction at the lower threshold.
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“Past successes show that GTOs can be effective in exposing criminal organizations using legitimate financial institutions and businesses to facilitate their illicit dealings,” said Peter Edge, a senior official with Homeland Security Investigations.