Business

Feds target money laundering at 700 Miami-Dade businesses

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.

“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.

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