The U.S. Treasury Department has identified more than $8 billion in potentially suspicious wire payments directed by foreign agents through U.S.-based money services businesses from 2021 to 2025, according to Treasury Secretary Scott Bessent.
On October 30, Bessent announced the findings during a news conference in St. Cloud, Minnesota, alongside FBI Director Kash Patel, CMS Administrator Dr. Mehmet Oz, and FTC Chairman Andrew Ferguson. The Treasury also issued a new alert urging financial institutions to increase vigilance in detecting and reporting suspicious cross-border transactions.
Key enforcement actions reported by the administration include:
- $190 million in funds linked to overseas fraud stopped since January 2025.
- $100 million returned to American victims of fraud.
- Hundreds of arrests in Minnesota as part of ongoing anti-fraud investigations.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a geographic targeting order in Minnesota to trace criminal networks diverting funds overseas, including suspected ties to terrorist organizations such as Al Shabaab.
New guidelines for nonprofits and financial institutions
FinCEN’s alert emphasized concerns over nonprofits receiving foreign funding, warning that such arrangements could obscure ultimate recipients and potentially facilitate money laundering or terrorist financing. The notice highlighted three forms of abuse:
- Sham charities allegedly diverting funds to illicit activities.
- Charity-related fraud enriching scheme operators.
- Exploitation of U.S.-based money services to conceal illegal cross-border transactions.
Bessent stated that the administration is working with the White House Task Force to Eliminate Fraud to prevent future abuse. The Treasury also referenced a new interactive map tracking suspected fraud, though specific details on its scope were not provided in the sources.
Ongoing investigations and policy responses
The Treasury confirmed ongoing investigations into Al Shabaab’s networks and enablers, both domestically and abroad. The administration has also executed multiple FBI search warrants and is building large-scale indictments related to the uncovered fraud schemes.
Financial institutions have been advised to scrutinize donors, funding streams, and ties to foreign governments or entities when processing cross-border payments. The alert follows a broader push to strengthen anti-fraud enforcement under the current administration.