The Treasury Department, under President Trump and Vice President Vance, disclosed that the Financial Crimes Enforcement Network (FinCEN) has identified over $8 billion in potentially fraudulent wire payments sent through U.S. money‑services businesses between 2021 and 2025 at the direction of foreign actors. The administration says the effort has already stopped nearly $190 million in illicit funds and returned more than $100 million to American victims.
Federal Leaders Convene in Minnesota
Secretary of the Treasury Scott Bessent, FBI Director Kash Patel, Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz, and Federal Trade Commission Chairman Andrew Ferguson gathered in Minnesota for a news conference. Bessent emphasized, “When greed meets negligence, the American people suffer. Under President Trump’s leadership, Treasury has taken decisive steps to protect families and faith‑based charities from foreign fraud.”
New Guidance for Nonprofits
FinCEN issued a notice urging banks and nonprofit organizations to scrutinize donor sources, funding streams, and any ties to foreign governments. The guidance warns that bad actors can use sham charities, charity‑related fraud, or insider embezzlement to obscure ultimate recipients and potentially fund money‑laundering or terrorist financing.
Law Enforcement Action and Ongoing Investigation
Federal agents executed multiple search warrants and are building a large‑scale indictment. The Treasury’s White House Task Force to Eliminate Fraud is coordinating with state and local partners to prevent future abuse, whether in Minnesota or elsewhere.
Recent High‑Profile Cases
Salim Said, a co‑conspirator in the Feeding Our Future case, received a 30‑year prison sentence after being convicted on 21 counts for defrauding a federal child nutrition program of $49 million. Additionally, a Fox News investigation linked a network of daycare centers, allegedly operated by illegal immigrants, to fraudulent activity. The administration responded by deploying DHS and ICE agents to Minneapolis, a move that sparked objections from some community members.
Congressional Oversight and Legislative Proposals
Senator Cruz has introduced legislation to increase accountability for tax‑exempt sponsors while the Department of Justice continues its grand‑jury probe into the nonprofit network associated with Neville Roy Singham. Sources say Treasury Secretary Bessent discussed Singham’s former accounts at Goldman Sachs with the bank’s CEO, highlighting the administration’s focus on transparency.
Administration’s Stance
“Tax‑exempt status is not immunity from scrutiny,” Treasury Assistant Secretary and acting IRS Chief Counsel Ken Kies said. “Organizations receiving public funds or tax‑deductible donations must be prepared to show who controls the money and where it goes.” The administration’s proactive approach aligns with its broader commitment to protect traditional families, uphold individual liberty, and safeguard the nation’s financial integrity.
What This Means for Minnesotans
Local nonprofits are urged to review their donor vetting processes and cooperate with any subpoenas issued by federal investigators. The Treasury’s interactive map, launched alongside the announcement, allows citizens to track suspected fraud across the country, reinforcing transparency and community involvement.
Overall, the Trump administration’s coordinated effort demonstrates a firm stance against foreign‑directed financial crimes, reinforcing the safety of American charities and the broader economy.
Original reporting: Fox News (HLL/CB) — read the source article.
