Crackdown on Cash Transfers Reported
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From Times Staff and Wire Reports
The Treasury Department wants to make it more difficult for drug cartels to move money out of the United States by requiring that non-bank wire transfers of more than $750 be reported to the government, the New York Times reported. The reporting threshold outside the New York City area is $10,000. The rules would make nationwide what has been in effect in New York City since last summer on an emergency basis. Affected would be street-corner check-cashing services as well as such corporations as Western Union and American Express.
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