Ninth Circuit upholds block on FinCEN US-Mexico border cash reporting rule
In a significant legal victory, the Ninth Circuit upheld a preliminary injunction against a FinCEN rule requiring US citizens to report large cash transactions at the US-Mexico border. The court determined that the Financial Crimes Enforcement Network likely violated federal rulemaking requirements by lowering the reporting threshold to combat money laundering by cartels. This ruling underscores the importance of adhering to proper procedural steps in federal regulations, potentially impacting future rule implementations by FinCEN and similar agencies.
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