FinCEN also issued an advisory for financial institutions after launching a whistleblower website.
Treasury Secretary Scott Bessent announced that financial institutions are being encouraged to alert Financial Crimes Enforcement Network (FinCEN) of suspicious financial activity. FinCEN also issued an advisory to financial institutions encouraging vigilance to potential fraud surrounding government healthcare programs, such as Medicare and Medicaid. FinCEN has also proposed a rule that would provide whistleblowers with compensation for tips that result in halting fraud.
“President Trump has been clear that Americans have a right to know that their tax dollars are not being used to commit fraud,” said Secretary Bessent. “Under President Trump’s leadership, Treasury will continue to find and disrupt fraud schemes wherever they exist, and we will work with our law enforcement partners to hold perpetrators to account.”
In its advisory, FinCEN outlined the ways in which fraudsters, organized crime groups, and transnational criminal organizations have engaged in money laundering, providing red flag indicators for the identification and reporting of such activity. FinCEN also launched an “Office of the Whistleblower” website in February for the confidential reporting of fraud, money laundering, and sanctions violations.
As the Lord Leads, Pray with Us…
- For Secretary Bessent as he implements strategies in the Treasury Department to prevent the defrauding of taxpayers.
- For Under Secretary Hurley as he oversees the Office of Terrorism and Financial Intelligence.
- For FinCEN officials as they advise U.S. financial institutions regarding the reporting of fraud, money laundering, and sanctions violations.
Sources: Reuters, RedState, Baltimore Sun, American Banker
