United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-03-09 monographic deposited born digital GA 1.13:GGD-94-73 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-73 P0b002ee1803794be f:gg94073 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GGD-94-73 machine generated eng fdlp REPORT GAOREPORTS-GGD-94-73 GGD-94-73 Money laundering Smuggling Customs administration Reporting requirements Financial disclosure reporting Currency and coinage Crimes or offenses Drug trafficking Search and seizure Law enforcement agencies Treasury Currency Transaction Report Customs Service Operation Buckstop Treasury Financial Crimes Enforcement Network Canada Mexico Colombia Panama Customs Service Operation Million Air Customs Service Operation Pistachio Customs Service Operation Backdoor Customs Service Operation Cyclops II Customs Service Operation Outlook Chapter Report GGD U.S. banking and tax laws require the filing of reports on currency transactions exceeding $10,000. People disguising illicit income are sidestepping U.S. reporting rules by smuggling cash out of the country--apparently with relative ease. Once the funds are deposited in a foreign financial institution, they are much harder to trace and can be spent or transferred back to the United States with less risk of exposure. Treasury Department and U.S. Customs Service officials have no way to estimate the amount of currency being smuggled, although law enforcement officials GAO spoke with believe that the amount is substantial--potentially billions of dollars each year. In addition to discussing the extent of currency smuggling, this report describes the techniques used to smuggle currency and U.S. efforts to curtail it. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-94-73/html/GAOREPORTS-GGD-94-73.htm GAO/GGD-94-73 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-73 Chapter Report GAO/GGD-94-73; Money Laundering: U.S. Efforts To Fight It Are Threatened By Currency Smuggling; Money laundering Smuggling Customs administration Reporting requirements Financial disclosure reporting Currency and coinage Crimes or offenses Drug trafficking Search and seizure Law enforcement agencies Treasury Currency Transaction Report Customs Service Operation Buckstop Treasury Financial Crimes Enforcement Network Canada Mexico Colombia Panama Customs Service Operation Million Air Customs Service Operation Pistachio Customs Service Operation Backdoor Customs Service Operation Cyclops II Customs Service Operation Outlook