The Geographic Targeting Order: A Useful Tactic for Combating Money Laundering by Non‐Bank Entities in the USA

Abstract

The geographic targeting order (GTO) is a legal mechanism whereby the US federal government can require financial institutions within a certain geographic range to supply information concerning currency transactions. This tool came into existence in 1988 and has only recently proved to be a potent weapon in the fight against international money laundering. Very recently, the US Department of Treasury (‘Treasury’) and the federal government were able to score a major victory when they utilised a GTO to thwart the flow of drug proceeds to Colombia through New York money transmitters.

Citation

Ramasastry, A. (1998), "The Geographic Targeting Order: A Useful Tactic for Combating Money Laundering by Non‐Bank Entities in the USA", Journal of Money Laundering Control, Vol. 1 No. 3, pp. 213-215. https://doi.org/10.1108/eb027142