Money Moves: Keeping Track of Cash Across Borders

The U. S. Treasury Department is stepping up its game to monitor money moving out of the country. This isn't about stopping people from sending money to their families abroad. It's about making sure the cash isn't coming from shady sources, like welfare fraud or stolen funds. Some banks and money transfer services in Minnesota are under the microscope. The Treasury's Financial Crimes Enforcement Network (FinCEN) is looking into certain businesses. They're also asking banks and money transmitters in Hennepin and Ramsey counties to report more details on transfers over $3, 000.U. S. Treasury Secretary Scott Bessent says this shouldn't scare off people sending money to their families. If you can show where the money came from, you're good to go. He pointed out that most legal residents use regulated banks to send money abroad. This crackdown comes as Minnesota Governor Tim Walz faces heat over allegations of welfare fraud. The Trump administration has been vocal about this issue, especially in areas with large Somali-American communities. Since 2022, at least 56 people have pleaded guilty to related charges. Remittances are a big deal for many poorer countries. They make up a large chunk of the GDP in places like El Salvador and Somalia. So, it's important to make sure the money being sent is clean.