money laundering, hispanics

Federal investigators are targeting nearly 700 businesses in Miami for a money laundering investigation, The Washington Post reports.

http://www.latinpost.com/articles/49304/20150422/businessmen-miami-targeted-money-laundering-investigation.htm

United States Immigration and Customs Enforcement announced Tuesday that they are investigating businesses to find out about trade-based money laundering schemes involving American criminal organizations.

ICE is focusing on electronics exporters in five ZIP codes near Miami International Airport.

Targeted companies will be required to file certain Treasury Department forms for transactions more than $3,000. Usually, the normal threshold to fill out transaction forms for more than $10,000.

"It's very prevalent among the electronic exporters," said John Tobon, assistant special agent in charge of ICE homeland security investigations in Miami. "These are items that are very easily sold overseas."

Tobon said not all of the targeted businesses are involved in money laundering. He added that some businesses are created just for criminal groups to evade U.S. currency laws.

"We want to let them know this is not an acceptable business practice," Tobon said.

The order in Miami order will remain in effect from April 28 until Oct. 25. Businesses are still required to retain records related to the order for five years after its final date.

None of the businesses in Miami were identified by name, Lancaster Online reports.

Companies targeted are required to identify people involved in transactions for more than $3,000. The investigation is also focusing on third parties who put up the money to complete any deals.

Authorities say the investigation order would enhance law enforcement's ability to find and prosecute money launderers. They could also find businesses involved in illicit drug trade, counterfeit merchandise and human trafficking.

The Treasury Department issued a similar order to more than 2,000 businesses in the Los Angeles area when more than $30 million in bank accounts traced to Mexican drug cartels.

Nearly 700 Miami Businessmen Targeted for Money Laundering Investigation