Treasury Secretary Scott Bessent is leading the charge to focus on Minneapolis, Minnesota Somali fraud rings for targeted regional actions. The IRS Criminal Investigations division has been dispatched to focus on the Minneapolis region to identify fraudulent use of public assistance services, combined with the abuse of federal taxpayer funds.
In a remarkable approach, Secretary Bessent announced during a Fox News interview that a regional targeting effort is now underway that will block anyone who receives public assistance from sending money overseas (remittances to foreign countries). This is not a fee or tax on the remittance, or financial transaction; this is a complete block of their ability to send money overseas. Anyone receiving public assistance will not be able to send money to foreign lands.
Yes, it seems like this is initially going to be subject to the honest admission of the money sender. However, with the IRS reviewing each transfer and cross referencing to public assistance records anyone who attempts to work around this regulation will be subject to federal laws on financial fraud, wire service fraud and potentially money laundering. WATCH:
The interagency focus will eventually go nationwide, as with the new USAO position that focuses on public assistance fraud; but for now, that focused effort will target Minnesota. Minneapolis will be the beta test for a national rollout.
All of the money service businesses in the region will now be reviewed and all financial transactions of $3,000 will be required to have an accompanying Suspicious Activity Report (SAR). With DHS, FBI and now IRS investigators focused exclusively on the two counties involved in the Somali fraud rings, the fraudsters will be identified and prosecuted.
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