Last Tuesday, FinCEN issued a Geographic Targeting Order (GTO) for about 700 electronics exporters in 5 zip codes (33122, 33126, 33166, 33172, 33178) in Miami-Dade County, Florida. The purpose is to help identify and deter ongoing trade-based money laundering that has been linked to drug cartels (the news release they issued mentions the Sinaloa and Los Zetas cartels) that run through these firms.
The GTO, which lasts for 180 days, lowers the reporting threshold for currency transactions (cash, travelers checks, bank checks and the like) to anything $3,000 from just over $10,000. Businesses, when filling out their FinCEN Form 8300s (like the Currency Transaction Report), are supposed to use the code “DoralGTO1” – because those five zip codes are those for the city of Doral (although some of the covered area is outside the town limits).
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