Washington DC, United States – The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a fresh alert about illicit funds flowing through the American financial system, stressing greater oversight of suspicious transactions.
The alert arrives days after former President Donald Trump delivered controversial statements targeting Somali refugees in Minnesota.
The notice focuses on funds sent by people who acquired money illegally, with FinCEN describing it as a major national security risk.
This financial advisory coincides with Trump’s latest comments, in which he asserted, “A group of Somalis are terrorizing the population of this great state.”
He vowed to “immediately terminate the TPS program for Somalis in Minnesota.”
Those remarks have raised fears of greater examination of Somali-American communities.
FinCEN’s instructions mandate that financial institutions, including money transfer operators, report dubious transactions over $2,000, especially those possibly tied to criminal acts.
The measure will notably affect hundreds of thousands of Somali-Americans using remittance services (hawalas), families in Somalia relying on these funds for livelihood, and Somali migrants lacking complete legal status.
Somali money transfer firms have endured heavy regulatory scrutiny before, with various large hawalas shutting down over compliance issues. The latest alert indicates more supervision that may further limit essential remittance transfers to Somalia.
Assistant Secretary for Terrorist Financing John K. Hurley remarked, “The U.S. government is determined to protect the financial system and combat illicit funds,” although the release avoids any direct reference to Somali communities.
Together, the political statements and stricter financial checks pose unique difficulties for Somali-Americans, possibly influencing their political position and capacity to aid relatives in Somalia via lawful remittance routes.
