The Trump administration has revealed it potentially uncovered over $8 billion in fraudulent cross-border wire payments, allegedly directed by foreign agents. This includes new guidelines aimed at nonprofits that receive foreign funds, alongside multiple FBI search warrants and a significant indictment campaign.
The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, noted that suspicious wire transfers occurred from 2021 to 2025 through U.S.-based money services companies, directing funds from foreign agents.
“When greed meets negligence, the American people suffer,” Treasury Secretary Scott Bessent stated. He added that during Trump and Vice President Vance’s leadership, nearly $190 million linked to overseas fraud was intercepted, and over $100 million was returned to victims in the U.S. The department is collaborating with the White House Task Force to further prevent such abuses, in Minnesota and beyond.
At a press conference, Bessent mentioned that in the weeks following his visit, FinCEN issued a geographic targeting order aimed at tracing criminal networks that divert funds overseas—a measure intended to ensure taxpayer dollars benefit the American populace rather than groups like Al Shabaab.
He also indicated that the Treasury’s investigations into Al-Shabaab and its affiliates are ongoing, stating that data from FinCEN has contributed to the arrest of 115 fraudsters, 75 convictions, and nearly 3,000 subpoenas in Minnesota since the start of the Trump administration.
Recently, the IRS Criminal Investigations unit assisted with probes at several suspected fraud sites. Bessent expressed appreciation for the work done by IRS-CI, highlighting that they often don’t receive the recognition they deserve while effectively combatting fraud.
Bessent, alongside FBI Director Kash Patel and other officials, detailed substantial fraud findings at a Minnesota news conference. Patel emphasized that the FBI is committed to pursuing fraudsters relentlessly, asserting that under Trump’s leadership, there is finally a focus on combating such crimes.
In response to the situation, the Treasury Department warned banks to carefully examine the funding streams of nonprofits, their donors, and links to other organizations and governments. FinCEN pointed out that these relationships might conceal actual beneficiaries and could be misused for money laundering or financing terrorism.
The department’s notice identified three main forms of abuse perpetrated by fraudulent actors: fake charities diverting funds for illegal activities, charity-related fraud benefiting organizers, and embezzlement by insiders within legitimate organizations.
Salim Said, involved in the Feeding Our Future case, received a 30-year prison sentence after being found guilty of scamming a federal child nutrition program out of $49 million.
Last year, reports highlighted a network of daycare centers, primarily run by Somali immigrants, that were allegedly involved in fraudulent activities, which prompted rapid administrative response. This included deployments of DHS and ICE agents in Minneapolis, leading to tensions and riots in the area.
In an ongoing effort to tackle nonprofit fraud, the IRS has tightened reporting requirements to reveal funding potentially linked to extremist activities or fraudulent acts. Treasury Assistant Secretary Ken Kies reiterated that tax-exempt organizations should be transparent about their financial management.
Bessent has also been affiliated with a Department of Justice grand jury investigation into Neville Roy Singham’s nonprofit network. Sources revealed a meeting between Bessent and Goldman Sachs CEO David Solomon concerning Singham’s previous accounts used to fund various nonprofits.
Singham, who sold his tech company for a substantial sum in 2017 and currently resides in Shanghai, has allegedly funneled $278 million into nonprofits since then, many of which engage in anti-ICE and other politically charged demonstrations. He has not been charged, and investigations are still underway.
