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Local Municipality Case Example (Narcotics Trafficking, Money Laundering, and Mortgage Fraud)

In early 2012, FinCEN conducted outreach to all of its state and local law enforcement partners, and asked for cases where FinCEN data played a useful role in their investigations. Below, in their own words, is an example of how FinCEN's stakeholders use FinCEN data. It has been edited only for confidentiality and privacy concerns.

The following example is from a local municipality case. Local police and sheriff's agencies increasingly use FinCEN records in their investigations. Many local agencies have representatives on SAR review teams and task forces that share FinCEN data. In addition, FinCEN has given direct access to some local agencies with a robust financial crime focus that have a history of using the data.

"Beginning in 2009, a major drug investigation was established on targets who were a group of narcotics traffickers in the local area.

While conducting FinCEN checks, a number of CTRs and 8300s were observed on the main targets. The CTRs led this detective to the targets' main bank accounts, and through subpoenas, we were able to identify assets that had been purchased with laundered funds from narcotic sales. The 8300s also identified assets that were later seized reference to being purchased with laundered funds from narcotic sales.

Four subjects were arrested and charged with Title 21 U.S.C 963 Conspiracy to Import at least 5 Kilograms of Cocaine, and Title 18 U.S.C 1956 Money Laundering. One subject was charged with bank fraud. Approximately $1.4 million in property and assets were seized and all subjects have pleaded guilty and are serving their sentences in federal prison."

[Published in The SAR Activity Review - Trends, Tips & Issues, 22, October 2012]





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