FinCEN Updates: FinCEN Issues Alert on Bulk Cash Smuggling and Repatriation by Mexico-based Transnational Criminal Organizations

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FinCEN Issues Alert on Bulk Cash Smuggling and Repatriation by Mexico-based Transnational Criminal Organizations

Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an Alert on bulk cash smuggling and repatriation by Mexico-based Transnational Criminal Organizations (TCOs), urging financial institutions to be vigilant to such activity. In particular, the Alert discusses how Mexico-based TCOs smuggle bulk cash from the United States into Mexico and repatriate it into the United States and Mexican financial systems using Mexican businesses and foreign and domestic armored car services and air transport. The Alert highlights one of several typologies that TCOs use to launder illicit proceeds generated in the United States and how these operations enable the TCOs to place, layer, and integrate their illicit proceeds into the United States and Mexican financial systems where they can be accessed again to fund their criminal enterprises. FinCEN is issuing this Alert in support of Executive Order 14157 to combat the activities of certain international cartels that threaten the safety of the American people, the security of the United States, and the stability of the international order in the Western Hemisphere.

Also today, the Department of the Treasury's Office of Foreign Assets Control designated six individuals and seven entities involved in a money laundering network supporting the Sinaloa Cartel, one of the most notorious and violent drug trafficking organizations in the world, and a U.S.-designated Foreign Terrorist Organization.

 

News Release: https://www.fincen.gov/news/news-releases/fincen-issues-alert-bulk-cash-smuggling-and-repatriation-mexico-based

Alert: https://www.fincen.gov/sites/default/files/shared/BCS-Alert-FINAL-508C.pdf

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