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Some criminal groups use a process called trade-based money laundering to launder their illicit money. These schemes can include things like falsely describing goods and services in trade transactions.
Banks are required to report suspicious financial transactions to the Treasury Department.
To encourage companies to maintain and expand operations in the United States, the Foreign-Trade Zones program offers a range of benefits, such as the possible reduction or elimination of customs duties on certain imported goods.
U.S. Customs and Border Protection (CBP) is the lead federal agency responsible for inspecting travelers who seek to smuggle large volumes of cash--called bulk cash--when leaving the country through land ports of entry.
GAO reviewed the Customs Service's management of and practices for collecting civil fines and penalties (CFP) debt. GAO found that Customs' gross CFP debt more than tripled from the start of fiscal year 1997 to the end of fiscal year 2000, rising from $218.1 million as of October 1, 1996, to $773.
To disguise illegally obtained funds, money launderers have traditionally targeted banks, which accept cash and arrange domestic and international fund transfers. However, criminals seeking to hide illicit funds may also be targeting the U.S. securities markets.
International crimes, such as drugs and arms trafficking, terrorism, money laundering, and public corruption, transcend national borders and threaten global security and stability. The National Security Council (NSC) told GAO that international crime and the framework for the U.S.