US Targets Tiny Border Transfers in Trump’s War on Mexico Gangs
- Treasury’s FinCEN lowers thresholds for reports to $200
- Bessent says order part of efforts to fight cartel threat
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US financial authorities on Tuesday said they will require money services businesses operating near the Mexican border to report much smaller transactions as part of efforts to target money laundering by drug cartels.
US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued the so-called geographic targeting order for money transmitters in 30 ZIP codes across California and Texas. The order lowers the threshold for businesses to file transaction reports to FinCEN from $10,000 to $200.