Treasury Secretary Scott Bessent said the Trump administration has identified more than $8 billion in potentially suspicious wire payments directed by foreign agents from 2021 to 2025.
The Trump administration has uncovered more than $260 billion in fraud, prevented $72 billion in fraud, and brought enforcement actions against nearly $60 billion in fraud since January 2025, Bessent said during a news conference on Oct. 30 in St. Cloud, Minnesota.
He also announced that the administration’s anti-fraud investigations have led to hundreds of arrests in Minnesota.
“The days of indifference are over … wherever the money leads, the full weight of government will follow,” Bessent said.
The Treasury’s Financial Crimes Enforcement Network issued an alert on Friday advising financial institutions to “be vigilant in detecting, identifying, and reporting suspicious activity” linked to certain cross-border payments involving U.S.-based money services.
In light of the $8 billion uncovered in foreign-directed wire payments, the Treasury warned financial institutions that bad actors can exploit U.S.-based money services to move funding overseas and conceal illegal activities, such as providing funds for terrorist organizations.
