The US tried to stop cartel money-laundering. It devastated mom-and-pop businesses instead
Summary
The Guardian reports that FinCEN's near-border money-transfer reporting rule, aimed at curbing cartel money laundering, has burdened small immigrant-run businesses. The policy increased paperwork and privacy concerns, leading to reduced cash transactions and financial strain for mom-and-pop shops like Nachita's Grocery. Legal challenges across multiple states have paused or limited the rule, highlighting tensions between enforcement, privacy, and small-business viability.