Scott Bessent Says FINCEN Has Tracked ALL Fraudulent Money Sent From MN To Overseas — We Have It All!

Treasury Secretary Scott Bessent appears ready to drop the hammer in the Minnesota fraud scandal.

Speaking at the Economic Club in Minnesota, Bessent coolly announced that FINCEN has been tracking all fraudulent money activity in Minnesota.

And not just inside the United States banking system, but overseas as well.

In other words, we have all the evidence.

And, if Somalis in the U.S. are sending money to support terrorist groups in their home country, then we’ve got them!

Watch what he had to say for yourself here:

Just look at how calm, collected, and assured Bessent is!

That tells me that more prosecutions are right around the corner…

It’s game over for Somalian fraudsters.

Minnesota Star Tribune has more on Bessent’s remarks during his visit to the Economic Club today:

Treasury Secretary Scott Bessent slammed Minnesota leaders during a visit to the Twin Cities on Thursday, Jan. 8, calling the state “ground zero for what may be one of the most egregious welfare scams in our nation’s history to date.”

His remarks at an Economic Club of Minnesota event in Golden Valley underlined the Donald Trump administration’s focus on Minnesota and its unfolding fraud crisis. They also came amid escalating tensions the day after a federal immigration agent shot and killed a woman in Minneapolis.

Bessent didn’t acknowledge the death of 37-year-old Renee Nicole Good or the resulting protests in Minnesota and across the country. But he cited “the damaging impacts of illegal immigration” among issues he said beleaguer Minnesotans and other Americans, along with “a glaring absence of political leadership” from President Joe Biden’s administration, “rampant fraud” and unchecked government.

“Under Gov. Tim Walz, billions of dollars intended for families in need, housing for disabled, sick seniors and services for children were diverted to benefit fraudsters,” Bessent said.

“I’m here this week to signal the U.S. Treasury’s unwavering commitment to recovering stolen funds, prosecuting fraudulent criminals, preventing scandals like this from ever happening again and investigating similar schemes, state by state.”

By the way, if you don’t know what FINCEN is, it stands for Financial Crimes Enforcement Network.

Basically, it’s a government bureau that works with banks to combat financial crimes like money laundering, fraud, and terror financing.

Grok explained what it does in more detail:

FinCEN, or the Financial Crimes Enforcement Network, is a bureau of the U.S. Department of the Treasury. Established in 1990, it serves as the United States’ financial intelligence unit (FIU) and plays a key role in combating money laundering, terrorist financing, and other financial crimes both domestically and internationally.

Mission and Role

FinCEN’s primary mission is to safeguard the financial system from illicit use, counter money laundering and terrorism financing, and promote national security. It achieves this through the strategic collection, analysis, and sharing of financial intelligence. It operates under the Bank Secrecy Act (BSA), which requires financial institutions (like banks and money service businesses) to:

• Maintain anti-money laundering (AML) programs.
• File reports on large currency transactions.
• Report suspicious activities.
• Keep certain records.

FinCEN administers these requirements, issues regulations, enforces compliance, and disseminates data to law enforcement and regulators.

Key Activities

• Collects reports such as Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), and Reports of Foreign Bank and Financial Accounts (FBARs).
• Analyzes financial data to support investigations.
• Collaborates with domestic agencies (e.g., FBI, IRS) and international partners (e.g., via the Egmont Group of FIUs).
• Issues guidance on emerging issues, like virtual currencies and real estate transactions.