The Financial Crimes Enforcement Network (FinCEN) has issued a Notice to financial institutions detailing the methods, financial typologies, and red flag indicators related to timeshare fraud conducted by Mexico-based transnational criminal organizations (TCOs). These organizations, including the Jalisco New Generation Cartel (CJNG), are increasingly targeting U.S. timeshare owners in Mexico through elaborate, often long-running schemes involving telemarketing, impersonation, and advance fees. The illicit gains from these activities are used to diversify their revenue streams and fund other criminal operations, such as the production and trafficking of illicit fentanyl and other synthetic drugs into the U.S. This Notice was released in conjunction with the Treasury’s Office of Foreign Assets Control (OFAC) and the Federal Bureau of Investigation, and coincides with an OFAC sanctions action against Mexican accountants and companies involved in facilitating timeshare fraud for CJNG.
Read full FinCEN notice here:
By FCCT Editorial Team
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