U.S. Treasury Secretary Scott Bessent Takes Decisive Action Against Somali Fraud in Minneapolis

MINNEAPOLIS, MN – Last week, Secretary of the Treasury Scott Bessent announced several initiatives to combat the billions of dollars in rampant government benefits fraud in Minnesota. Secretary Bessent also held a roundtable discussion with victims of the Somali fraud scheme, met with financial institutions, shared the administration's economic vision for 2026 at the Economic Club of Minnesota, and spoke with high school students about the importance of financial literacy.Secretary Bessent Rolls out Initiatives to Dismantle Somali Fraud Scheme and Protect Taxpayers Secretary Bessent announced that Treasury has issued notices of investigation to multiple money services businesses operating in Minnesota, implemented a Geographic Targeting Order requiring enhanced reporting of certain international transactions which can accelerate prosecutions and the recovery of laundered funds, released an alert to financial institutions regarding fraud in federal child nutrition programs, and held a specialized training session for law enforcement to improve the use of financial data in fraud investigations.