The U.S. government has issued a new warning about illicit money moving through the country’s financial system.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in recent years that there has been an increase in money transfers from individuals illegally residing in the United States, who have obtained funds illegally.
FinCEN said the issue poses a significant national security risk and urged financial institutions to be vigilant when they see suspicious financial activity.
Assistant Secretary for Terrorism and Financial Intelligence, John K. Hurley, said the U.S. government is committed to protecting the financial system and preventing illicit money laundering.
The warning is part of an executive order focused on preventing financial activities that threaten the security of the United States. The US government has stated that financial institutions such as money transfer companies are required to submit reports of suspicious transactions exceeding $2,000, especially if there are indications that the funds may come from an illegal source.
This new measure will have a significant impact on the Somali community in the United States, as hundreds of thousands of Somalis rely on remittances to send to their families in Somalia.
It is seen as a particular burden for Somalis who do not yet have full legal status in the United States that would allow them to work and send money home. The United States has already put pressure on Somali remittances, which are subject to stricter controls.
