❓WHAT HAPPENED: U.S. Treasury Secretary Scott Bessent announced on Friday that he has ordered the department’s Financial Crimes Enforcement Network (FinCEN) to begin a geographic targeting operation for the Minneapolis-St. Paul area, applying extra scrutiny to all businesses engaging in overseas money transfers.
👤WHO WAS INVOLVED: Treasury Secretary Scott Bessent, FinCEN officials, the Internal Revenue Service (IRS), Minnesota’s Somali immigrant community, and Governor Tim Walz (D).
📍WHEN & WHERE: The announcement was made on Friday, January 9, 2026.
💬KEY QUOTE: “This will put a microscope on these businesses, advance prosecutions, and assist in the recovery of funds laundered internationally.” — Scott Bessent
🎯IMPACT: The Treasury Department order will require wire transfer businesses and banks to submit additional information to FinCEN on money transfers before the transactions will be allowed to process.
U.S. Treasury Secretary Scott Bessent announced on Friday that he has ordered the department’s Financial Crimes Enforcement Network (FinCEN) to begin a geographic targeting operation for the Minneapolis-St. Paul area, applying extra scrutiny to all businesses engaging in overseas money transfers. The order will require wire transfer businesses and banks to submit additional information to FinCEN on money transfers before the transactions will be allowed to process.
“This will put a microscope on these businesses, advance prosecutions and assist in the recovery of funds laundered internationally,” Sec. Bessent said at a press conference announcing the new financial monitoring measures on Friday. He added, “Under Democratic Governor Tim Walz, welfare fraud has spiraled out of control. Billions of dollars intended for feeding hungry children, housing disabled seniors, and providing services for children in need were diverted to benefit Somali fraud rings.”
🚨 JUST IN: Scott Bessent announces geographic targeting order for the MINNEAPOLIS-ST. PAUL area after money was wired to the Middle East, to ensure rapid prosecution of illegal activity and fraud
FinCEN will now HEAVILY scrutinize money being sent: “This will put a microscope… pic.twitter.com/aIzr3q0kYm
— Eric Daugherty (@EricLDaugh) January 9, 2026
According to the Treasury Department, the geographic targeting order will “require banks and money transmitters located in Hennepin and Ramsey Counties, which include Minneapolis and St. Paul, to report additional information about funds transferred outside of the United States. These businesses will be required to file reports with FinCEN above certain transactions of $3,000 or more where the beneficiary is located outside of the United States.”
The Treasury Department contends the order will provide federal law enforcement with greater insight into the individuals overseas receiving money transfers, and help “advance prosecutions and assist in the recovery of funds laundered internationally.” As part of the operation, the department has notified four money transfer businesses that they are under investigation for suspicious financial activity.
In addition to the FinCEN geographic targeting order, Sec. Bessent announced that the Internal Revenue Service (IRS) will soon launch a task force charged with investigating instances of COVID-19 pandemic relief fraud and violations of 501(c)(3) tax-exempt status by nonprofits tied to the numerous Somali community-linked social services fraud schemes.
Bessent added that FinCEN is already on the ground in Minnesota and will also provide training to federal, state, and local law enforcement on how to utilize Treasury Department tools, such as Suspicious Activity Reports, to combat fraud. “We will not let the incompetence and recalcitrance of Governor Walz stop law enforcement from holding these perpetrators accountable,” Bessent said.
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