MHS “Trump Unleashes Sweeping Financial Crackdown, Moving to Lock All Illegal Immigrants Out of America’s Banking System — Cutting Off Federal Tax Benefits, Shutting Down Cross-Border Money Transfers, Targeting Welfare Fraud Networks, and Launching the Most Aggressive Financial Enforcement Operation in Modern U.S. History as Treasury Secretary Scott Bessent Declares ‘There Will Be No Place for Illegal Migrants in Our Financial System’ While New FinCEN Rules Flag Every Suspicious Transfer Above $2,000 in a Bold Effort to Protect American Families and Stop the $150 Billion Annual Drain on the Economy.”

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Treasury Secretary Scott Bessent announced that President Trump is not fully removing illegal immigrants from the financial system — they will no longer have access to tax benefits or cross-border money transfers.

#DC
The Trump administration is taking action to remove illegal immigrants from the U.S. financial system.
This sweeping reform targets federal tax benefits and cross-border remittances, ensuring that these resources benefit only lawful residents and citizens.

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Bessent said,
“If you are here illegally, there will be no place for you in our financial system.”
He emphasized that illegal immigrants exploiting financial institutions to launder or transfer illicit funds is unacceptable — and will soon come to an end.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a warning to banks and money-service businesses about increased transaction risks involving unauthorized individuals, also known as illegal migrants.
This includes flagging any cross-border transfer of $2,000 or more.
The goal is to disrupt the flow of billions of dollars leaving the U.S. economy each year, often tied to welfare fraud and national-security threats.

#Trump
At the direction of the President, the Treasury will issue regulations eliminating key tax credits for illegal immigrants, effective for the 2026 tax year.
These changes build on the 1996 Personal Responsibility and Work Opportunity Reconciliation Act, closing loopholes that allowed illegal immigrants to receive benefits at the expense of American families.

Details:

🔴 Earned Income Tax Credit (EITC):
This popular credit, designed to support low-income workers, will no longer provide refunds to illegal migrants, redirecting assistance to U.S. citizens and lawful residents.

🔴 Additional Child Tax Credit:
Refunds to families of illegal immigrants will be restricted, preventing improper claims that have drained resources from American parents.

🔴 American Opportunity Tax Credit:
Education-related refunds will be withheld from illegal migrants.

🔴 Saver’s Match:
Retirement-saving incentives will be reserved exclusively for American citizens.

🔴 Estimates from earlier this year put the annual cost of illegal immigration at over $150 billion — covering everything from free healthcare, food, housing, travel, and education to direct cash assistance.
Recent scandals, such as the massive welfare-fraud case in Minnesota that funneled hundreds of millions to terrorist groups, have heightened the urgency for these reforms.