New $200 cash withdrawal reporting regulation introduced

The US Treasury's Financial Crimes Enforcement Network (FinCEN) has introduced a new rule requiring reporting of cash transactions of $200 or more in seven counties along the US-Mexico border. This measure aims to combat money laundering and drug cartel activities. It has raised concerns about privacy and government surveillance. Previously, the reporting threshold was set at $10,000 for the entire country, a rule that has been in place since 1972. Now, businesses such as check-cashing services in the specified counties must report any cash deposit or withdrawal that meets or exceeds the $200 limit. The counties affected are San Diego and Imperial in California, as well as Cameron, El Paso, Hidalgo, Maverick, and Webb in Texas. Privacy advocates have criticized the regulation, arguing that it will lead to increased financial monitoring of over a million Americans. Nicholas Anthony from the Cato Institute described the rule as a step in the wrong direction for financial privacy in the US. This change is part of ongoing efforts by the government to address crime linked to drug cartels operating along the border. Treasury Secretary Scott Bessent highlighted the importance of this measure in protecting the US financial system from criminal activities.