The U.S. Treasury Department announced today a new initiative aimed at combating the financial flow associated with illegal immigration. According to a memo released by Financial Crimes Enforcement Network (FinCEN), money services businesses (MSBs) are now required to identify and report suspicious transactions involving funds sent abroad by individuals residing in the United States who engage in unlawful employment.
This move is consistent with recent Executive Orders focused on addressing threats from unauthorized immigrants. Under Secretary for Terrorism and Financial Intelligence, John K. Hurley, emphasized that FinCEN will “vigilantly…identifying suspicious financial activity involving illegal aliens” to protect national security and public safety.
The directive requires MSBs to file suspicious activity reports (SARs) for transactions exceeding $2,000 or those known to involve funds obtained through illicit means within the U.S. The administration stated that this Alert is designed “to prevent the exploitation of the U.S. financial system by illegal aliens.”
While acknowledging that some may view remittances as part of a legitimate support network among immigrant communities, Treasury officials have framed this action as necessary to combat national security threats posed by unauthorized individuals.