US EditionTreasury rachets up investigations targeting Minnesota’s Somali community for fraud
The Treasury Department targets Minnesota Somali fraud schemes with enhanced reporting and IRS investigations amid allegations that $300 million in stolen funds may support al-Shabaab.
- President Donald Trump has targeted the Somalian diaspora in Minnesota, accusing the state of being a hub of fraudulent money laundering activity, although there has been little evidence to support that claim.
- The new Treasury Department action was prompted in part by a $300 million fraud case involving a nonprofit called Feeding Our Future, accused of stealing pandemic aid meant for school meals.
- The Treasury Department plans to require additional verification for money wire services sending funds to Somalia and will deploy the Financial Crimes Enforcement Network to combat potential financial crimes, while the IRS will investigate firms accused of fraud.
39 Articles
39 Articles
Treasury, IRS crack down on Somali fund transfers while probing 'massive fraud ring'
Share This StoryTreasury Secretary Scott Bessent announced on Dec. 12 that his agency soon will subject certain money-transfer businesses to “enhanced reporting requirements” to enable greater scrutiny of “funds going to areas of concern, such as Somalia.” In addition, some money-transfer businesses will be receiving “notices of investigations,” which will include IRS review, he said. Bessent gave that update 11 days after the Treasury Departmen…
Bessent puts bull’s-eye on operations sending tax money to al-Shabaab in Somalia * WorldNetDaily * by Bob Unruh
Source link Gov. Tim Walz, D-Minn. A recent investigation found that fraud in the Somali immigrant community in Minnesota was taking hundreds of millions, even billions, of dollars from taxpayers, and much of it was going to Somalia, where it was delivered into the hands of al-Shabaab terrorists. The federal government already has launched an investigation,
Treasury, IRS Crack Down on Somali Fund Transfers While Probing ‘Massive Fraud Ring’
Treasury Secretary Scott Bessent announced on Dec. 12 that his agency soon will subject certain money-transfer businesses to “enhanced reporting requirements” to enable greater scrutiny of “funds going to areas of concern, such as Somalia.” In addition, some money-transfer businesses will be receiving “notices of investigations,” which will include IRS review, he said. Bessent gave that update 11 days after the Treasury Department began probing …
Treasury targeting money services for Minnesota Somali fraud
Treasury Secretary Scott Bessent announced on Friday his department is boosting its financial reporting requirements for money services businesses to further crack down on a fraud scandal implicating Minnesota‘s Somali community. The Treasury Department will be issuing a geographic targeting order to ensure any illicit activity is reported to the Financial Crimes Enforcement Network, Bessent said on X. “This will empower investigators to develop…
Bessent turns up heat on sprawling Minnesota fraud schemes as Treasury personnel deploy on the ground
Treasury Secretary Scott Bessent announces geographic targeting order for Minnesota money services businesses to monitor funds transferred to Somalia amid massive fraud schemes.
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