SEC SCOTT BESSENT: How to stop fraud in Minnesota—and across the country

Treasury Department launches investigation into Minnesota fraud rings allegedly sending taxpayer funds overseas through money laundering schemes.

Scott Bessent is the 79th United States Secretary of the Treasury.

At the president’s direction, the Treasury Department is examining the transfer of funds allegedly sent from the affected parts of Minnesota to other countries, including Somalia. These funds are often sent through money services businesses, which provide financial services outside the banking system. This money could have potentially been diverted to terrorist organizations, such as Al-Shabaab. Treasury has a long history of following the money to financially suffocate bad actors, like the mafia and Mexican drug cartels. Now we are doing the same to shut down Somali fraud rings.