President Trump signed an executive order directing the Treasury Department to stop financial institutions from being used to facilitate illegal immigration into the United States.

“Illegal Immigrants and Foreign Fraudsters steal BILLIONS every year from the American Taxpayer. As part of my Administration’s Historic effort to end FRAUD and reverse MASS ILLEGAL IMMIGRATION, I recently signed a powerful new Executive Order, which will be led by the Treasury Department, to stop Banks, Credit Cards, and Financial Institutions from being used to facilitate Human Smuggling, Drug Trafficking, Illegal Immigration, and the Criminal Cartels who orchestrate these activities. Access to our Nation’s Financial Systems must be limited to those who have a Legal Right to be here, and who are engaged in Lawful and Legitimate Commerce,” Trump wrote on Truth Social.

“Bank Accounts being used to enable Illegal Immigration, or to store the Welfare received by Illegal Aliens, will be shut down, and funds will ultimately face Impoundment and Seizure so they can to be returned to Taxpayers. It is not ludicrous, but profoundly dangerous, that any Illegal Alien can simply present a Blue State Drivers License, or Biden Border Document, and have unrestricted access to the U.S. Financial System,” he continued.

“This also sends a clear message to the anti-ICE rioters that your violent disruptions are only strengthening our resolve. My Executive Order will also allow us to stop Billions in leaving our Country in all manner of criminal activity. It has been said this measure we are taking is the most effective means of reversing Biden’s Border Invasion. We shall soon find out!” he added.

Full post below:

Forbes shared further:

Within 60 days, the Treasury Department must issue a formal advisory to financial institutions identifying suspicious activity red flags. These include payroll tax-evasion schemes, labor-trafficking indicators, structuring activity, use of mechanisms to conceal the identity of true owners — including nominee accounts, shell companies or complex “funnel” structures — certain uses of foreign identity documents and the use of Individual Taxpayer Identification Numbers in situations where lawful immigration status has not been verified.

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Also within 60 days, the Consumer Financial Protection Bureau must consider clarifying that potential deportation or loss of wages may be relevant factors when evaluating a borrower’s ability to repay. Federal banking regulators must issue guidance regarding credit risks associated with lending to individuals who are not authorized to work.

Within 90 days, Treasury and federal banking regulators must propose changes to Bank Secrecy Act regulations designed to strengthen customer due diligence requirements. The proposal contemplates giving financial institutions greater authority to obtain additional information when risk indicators are present, including information relating to lawful immigration status and employment authorization when these are relevant to assessing illicit-finance, fraud or compliance risks.

Watch Treasury Secretary Scott Bessent discuss the fraud below:

Reuters noted:

Among the examples of red flags cited ​by the latest ⁠order are accounts in the names of shell companies and use of specific platforms to disguise wage payments, and repetitive cash withdrawals. The use of Individual Taxpayer Identification Numbers (ITIN) should also be flagged when not accompanied by a Social Security number or ⁠a work ​visa.

The White House also said Treasury and regulators should propose changes to ​the Bank Secrecy Act to make it easier to obtain information about clients, singling out documents issued by foreign consulates as risky.

 

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