This web page can be viewed better with javascript enabled. header image

To download Adobe Acrobat Reader, download PowerPoint Viewer or download Excel Viewer, please visit Accessibility page.

To view or print PDF content, download the free Adobe Acrobat Reader.

Download PDF Version PDF     Print this page Print

Suspicious Activity Reports Identify Non-Profit Organizations As Illegal Money Remitters

In 2003, Bureau of Immigration and Customs Enforcement agents initiated an investigation of several non-profit organizations in the United States. These were all registered as tax-exempt organizations. The investigation revealed the organizations were operating as illegal wire remitting businesses, allegedly co-mingling drug proceeds with donations. Suspicious Activity Report documentation revealed approximately $3 million in transactions during a three-month period.

Examination of Suspicious Activity Reports determined that most incoming funds were from “donations” and a large number of third party deposits. Funds were transferred out of the account using checks, cashier’s checks and wire transfers to a number of entities. Outgoing funds were often sent to accounts affiliated with suspected criminal organizations.

(Source: Bureau of Immigration and Customs Enforcement)

[Published in The SAR Activity Review – Trends, Tips & Issues, Issue 7, August 2004]