The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with its Mexican counterpart, the Unidad de Inteligencia Financiera (UIF), today announced a series of reporting initiatives designed to greatly improve the transparency of cross-border cash movements. To address U.S. and Mexican law enforcement’s concerns about potential misuse of exemptions and incomplete or inaccurate reports filed by armored car services (ACS) and other common carriers of currency, FinCEN has issued a Geographic Targeting Order (GTO) that requires enhanced cash reporting by these businesses at the San Ysidro and Otay Mesa Ports of Entry in California. FinCEN also issuedupdated guidance concerning detailed and proper filing of Currency and Monetary Instruments Reports (CMIRs), which are filed when $10,000 or more in currency is moved across the U.S. border.
“Drug trafficking organizations and other criminal enterprises thrive when their cash movements are hidden from view,” said FinCEN Director Jennifer Shasky Calvery. “FinCEN is committed to working closely with our Mexican counterparts, law enforcement, and industry partners to bring greater transparency along our border and safeguarding the integrity of our financial systems.”
“The actions taken by FinCEN address an important issue that was identified jointly by U.S. and Mexican authorities and has our support,” said UIF Director Alberto Bazbaz Sacal. “Mexico and the United States will continue to further improve our fight against money laundering with this and other measures.”
“As part of HSI’s broader strategy to dismantle transnational criminal organizations and seize their illicit proceeds, we are actively targeting and identifying organizations that work to move money across the southwest border ports of entry,” said HSI Executive Associate Director Peter Edge. “We believe the Geographic Targeting Order is an invaluable tool toward achieving these goals. As such, we will continue to work with our partners in law enforcement and private industry to identify and shut down vulnerabilities susceptible to exploitation.”