Among the many intrusions of the federal government into our lives is the requirement that cash transactions of $10,000 or more be reported to the authorities. It's just one exercise in surveillance of our lives that should be done away with. But instead of abolishing currency transaction reports, the federal government recently lowered the reporting threshold to $200 in some border areas. Fortunately, a federal judge blocked enforcement of the order in California while legal challenges move forward.
Targeting Criminals While Burdening the Innocent
"Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) to further combat the illicit activities and money laundering of Mexico-based cartels and other criminal actors along the southwest border of the United States," the U.S. government's Financial Crimes Enforcement Network announced March 11. "The GTO requires all money services businesses (MSBs) located in 30 ZIP codes across California and Texas near the southwest border to file Currency Transaction Reports (CTRs) with FinCEN at a $200 threshold, in connection with cash transactions."
