Moving illegal proceeds : challenges exist in the federal government's effort to stem cross-border currency smuggling : report to congressional requesters.

Format:

Book

Government document

Author/Creator:

United States. Government Accountability Office

Contributor:

Stana, Richard M.

Language:

English

Subjects (All):

U.S. Customs and Border Protection--Rules and practice--Evaluation.

U.S. Customs and Border Protection.

Money laundering.

Smuggling--United States.

Smuggling.

Customs administration--United States.

Customs administration.

United States.

Genre:

Rules and practice.

Physical Description:

1 online resource (iii, 69 pages) : illustrations

Other Title:

Challenges exist in the federal government's effort to stem cross-border currency smuggling

Cross-border currency smuggling

Place of Publication:

[Washington, D.C.] : U.S. Govt. Accountability Office, [2010]

Summary:

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. It is estimated that criminals smuggle $18 billion to $39 billion a year in bulk cash across the southwest border. The Financial Crimes Enforcement Network (FinCEN) is responsible for reducing the risk of cross-border smuggling of funds through the use of devices called stored value, such as prepaid cards. GAO was asked to examine (1) the extent of actions taken by CBP to stem the flow of bulk cash leaving the country and any challenges that remain, (2) the regulatory gaps, if any, of cross-border reporting and other anti-money laundering requirements of stored value, and (3) if gaps exist, the extent to which FinCEN has addressed them. To conduct its work, GAO observed outbound operations at five land ports of entry. GAO also reviewed statutes, rules, and other information for stored value. This is a public version of a law enforcement sensitive report that GAO issued in September 2010. Information CBP deemed sensitive has been redacted. GAO recommends that CBP, among other things, gather data on program costs and benefits and that FinCEN develop a plan, including target dates, to better manage its rulemaking process.

Notes:

Title from cover screen (GAO, viewed on Dec. 2, 2010).

"October 2010."

Includes bibliographical references.

"GAO-11-73."

OCLC:

688641859