Federal Authorities have officially handed down a new order that will require businesses in the Los Angeles Fashion District to report any cash transaction that involves $3,000.00 or more. The order will be in place for the next six months and authorities hope that it will help prevent money laundering by the Colombian and Mexican drug gangs.
This order was put in place after a raid of dozens of Fashion District business that saw well over $120 million in cash and assets seized. The order will affect more than 2000 Los Angeles area businesses and authorities hope the much stricter parameters for required reporting will inhibit not only money laundering, but other illegal activities that can occur in throughout the district which reportedly produces more than ten billion dollars in activity every year.
Business laws are fairly strict in the state of California and this new order will only serve to make things a little bit tighter for businesses who primarily deal in cash. This order is only temporary though and as long as those businesses aren’t participating in any illegal activities this should only serve as a minor inconvenience.
It is rare that the Federal authorities will impose an order that has a serious negative impact on businesses that are operating legally. There are issues and ordinances set forth by local authorities or private entities though that can have a negative impact on your business operations.
If you feel as though someone or something is hindering your ability to operate or doing something that impacts your ability to make a profit you should seek professional help immediately. An experienced California business attorney has the knowledge to evaluate your current situation to determine any possible wrongdoing that is impacting your business. Once all of the details are in place, your attorney can take any necessary action to help ensure that you are in the best possible position to succeed.
AXIS Legal Counsel’s Business and Corporations Practice provides legal advice to numerous businesses with a variety of legal matters, including business formations, contracts, deals, and transactions, business administration, corporate governance, operations, risk management / insurance, labor/employment matters, intellectual property, healthcare, crisis management, directors/officers, private/data security, technology, statutory/legal compliance, and business litigation. AXIS represents businesses, corporations, LLCs, LLPS, partnerships, and startups in need of a corporate lawyer, for business legal matters as well as business litigation.
For information on retaining AXIS Legal Counsel to represent your business in connection with any legal matter, contact firstname.lastname@example.org or call (213) 403-0130 for a confidential consultation. Axis’ managing attorney Rabeh M. A. Soofi is ranked as one of the “Top Women Lawyers of Southern California” by SuperLawyers, and is a Los Angeles Business Lawyer representing businesses and start-ups throughout Los Angeles and California.