MIAMI – Federal investigators are targeting 700 businesses in the Miami area for enhanced scrutiny to detect trade-based money laundering schemes.
U.S. Immigration and Customs Enforcement announced Tuesday that the focus would be on electronics exporters, including those in the cellphone business. The targeted companies will be required to file certain Treasury Department forms for transactions over $3,000 rather than the current $10,000 threshold.
ICE officials say the companies also will be required to identify people involved in the transactions. Authorities say the program enhances law enforcement's ability to find and prosecute money launderers, including those in the illicit drug trade and violent criminal organizations.
The Miami businesses were not identified by name.
A similar order was issued last year for businesses in the Los Angeles area.