US Treasury urges financial institutions to report illicit activity by 'illegal aliens'

The US Treasury Department's Financial Crimes Enforcement Network urged financial institutions to remain vigilant against financial risks and fraud schemes associated with the unlawful employment of “illegal aliens.”

The US Treasury Department's Financial Crimes Enforcement Network issued an advisory on Friday urging financial institutions to detect and report illicit activity related to the unlawful employment of illegal aliens.

US Treasury Secretary Scott Bessent stated: "This Administration will not allow illegal aliens to abuse financial institutions to steal billions of dollars from hardworking American taxpayers."

Bessent noted that employers gain an unfair advantage over legitimate US businesses, depress wages, facilitate identity theft, and steal tax revenue by hiring and exploiting illegal aliens.

The network warned that unlawfully obtained wages often finance transnational criminal organizations and support global criminal enterprises like drug and human trafficking.

An advisory case study described two foreign national fraudsters who operated a payroll scheme for years that employed undocumented workers and cost the US more than $38 million.