On April 21, 2015, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) served a Geographic Targeting Order (GTO) on about 700 electronics exporter businesses in the Miami area as part of an investigation into cash transactions possibly tied to trade-based money-laundering schemes utilized by drug cartels. The GTO goes into effect April 28, 2015 and expires 180 days thereafter (October 25, 2015). It was issued in coordination with U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations and the Miami Dade State Attorney’s Office South Florida Money Laundering Strike Force and is similar to a GTO that FinCEN issued to fashion-industry businesses in the Los Angeles area in October 2014.
Click here to read the full issued Client Alert.