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Egregious fraud in Minnesota has cost taxpayers hundreds of millions of dollars, including funds sent to Somalia through money services businesses (MSBs), which provide financial services outside a formal bank.

Under @POTUS’ leadership, the @USTreasury will not stop until we…

— Treasury Secretary Scott Bessent (@SecScottBessent) December 12, 2025

Egregious fraud in Minnesota has cost taxpayers hundreds of millions of dollars, including funds sent to Somalia through money services businesses (MSBs), which provide financial services outside a formal bank.

Under
@POTUS
’ leadership, the
@USTreasury
will not stop until we fully investigate this deeply disturbing scam.

To that end, Treasury will soon issue a Geographic Targeting Order (GTO) subjecting certain Money Services Businesses (MSBs) to enhanced reporting requirements with FinCEN. This important tool will be used to make sure information regarding any such illicit activity is quickly reported to
@FinCENnews
and made available to our law enforcement partners. This will empower investigators to develop additional leads through increased scrutiny on funds going to areas of concern, such as Somalia.

Additionally, Treasury personnel are on the ground working hard to uncover the facts. FinCEN will soon be issuing Notices of Investigations to MSBs of concern, and I can report that
@IRSnews
will be examining these businesses.

Under President Trump, we will not stop until we fully investigate, analyze, and permanently end this massive fraud ring.