Treasury Targets Money Wire Services in Somalia
Update: 2025-12-13
Description
The Treasury Department, under Secretary Scott Bessent, is intensifying investigations into businesses facilitating international money transfers, particularly within Minnesotas Somali community. This move is part of a broader crackdown on fraud, spurred by cases like the alleged $300 million theft from a non-profit providing school meals. The administration accuses Minnesota of being a hotspot for fraudulent money laundering. Secretary Bessent also cited a City Journal report suggesting taxpayer funds from defrauded programs may be funding al-Shabab, a terrorist group. However, these claims remain unproven. The Treasury will soon issue an order requiring extra verification for money wire services sending funds to Somalia, with the Financial Crimes Enforcement Network and IRS assisting.
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