Treasury is requiring financial businesses in some border areas to notify it of cash transactions that are at least $200 in an effort to stop cartel activity.
Saturday's weather around Central Ohio could be rough, including strong winds, possible hail and even a small chance for tornadic activity.FILE - In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass.
The U.S. government is casting a net across 30 ZIP codes in California and Texas to catch cash transactions connected to Mexican cartels.this week that requires all "money services businesses" to notify the government of cash transactions that are at least $200., financial institutions must report cash transactions over $10,000 or when they believe there’s suspicious activity in order to stop money laundering, tax evasion or other crimes.While the order temporarily lowers the threshold from $10,000 to just $200, it applies to just the 30 counties in two border states. And banks are not included within the definition of money services businesses. Treasury Secretary Scott Bessent said in a news release that the order "underscores our deep concern with the significant risk to the U.S. financial system of the cartels, drug traffickers, and other criminal actors along the Southwest border." FinCEN said it’s part of a whole-of-government approach to combatting cartels and stopping the flow of drugs into the U.S.to designate cartels as foreign terrorist organizations, which the Treasury said will help it deny cartel operatives access to the U.S. financial system. “That's literally something we've been waiting for the government to do,” said Sheriff Kieran Donahue of Canyon County, Idaho, who also serves as NSA president. “This is critical, because these guys, they operate with impunity on the financial side of this thing, whether you want to call it money laundering or money transfer,” Donahue continued.“It is very difficult, but we can't just sacrifice everything in that pursuit,” he said.78040, 78041, 78043, 78045, 78046 Donahue said the 30-day delay in implementation of the order is a drawback, in that it’ll give cartels a head start in finding ways to avoid detection.“I'll give them some credit in that they did not apply this to the entire country,” Anthony said. Anthony said Cato research hasn’t found the reporting process under the Bank Secrecy Act to be very effective at catching criminals. And he doesn’t think this more limited order with the lower-dollar threshold will be more successful. Anthony said the latest annual figures FinCEN provided to Cato showed 372 investigations were started by the IRS based on 27 million reports under the Bank Secrecy Act in the entire country. Anthony said over a million people live in the ZIP codes covered by the new FinCEN order, and he said the order infringes on the financial privacy for a lot of Americans. “Folks are benefiting from using these services, whether to send money to family, friends or what have you. And it's perfectly innocent activity,” he said.
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