L.A. fashion district faces closer scrutiny in money laundering probe

Department of Justice handout photo shows box containing U.S. currency seized during a raid in the Los Angeles Fashion DistrictLOS ANGELES (Reuters) – The U.S. Treasury Department will soon order heightened financial disclosure requirements for about 2,000 businesses in the Los Angeles fashion district, which is suspected of operating as a major money laundering hub for Mexican and Colombian narcotics traffickers, officials said. The order by the department’s Financial Crimes Enforcement Network takes effect on Oct. 9 and lasts for six months, making it one of the biggest actions of its kind for the division, officials said. …