Treasury Secretary Scott Bessent said Friday that illegal employment schemes generated more than $2.5 billion in suspicious activity tied to payroll tax fraud in 2025.
Speaking at an event with Texas bankers in Houston, Bessent said financial institutions reported more than $2.5 billion in suspicious activity linked to payroll tax fraud schemes this year alone. He connected those schemes to unlawful employment practices, labor brokers, shell companies, identity theft, and other forms of financial exploitation.
“In 2025 alone, financial institutions reported more than $2.5 billion in suspicious activity associated with payroll tax fraud schemes,” Bessent said. “These schemes hurt law-abiding businesses, depress wages, steal taxpayer dollars, facilitate identity theft, and create opportunities for transnational criminal organizations to generate and move illicit proceeds.”
Bessent said the issue is tied to the Trump administration’s efforts to combat illegal immigration, fraud, and financial crime.
“Texas remains on the front lines of the challenges created by years of unchecked illegal immigration under the Biden Administration,” Bessent said. “Criminal organizations and cartels continue to seek opportunities to exploit our financial system and harm law-abiding businesses and workers.”
The treasury secretary highlighted a recent advisory issued by the Treasury Department and the Financial Crimes Enforcement Network (FinCEN) that identifies warning signs associated with unlawful employment schemes. The guidance focuses on payroll tax evasion, shell companies, labor brokers, identity theft, and other activities that may indicate financial crimes.
Source:
Diem ‘Richard’ Nguyen
Liên Minh Bảo Hiến Mỹ Gốc Việt
Vietnamese American Conservative Alliance (VACA)
https://freedom-vaca.org/vaca-blog-tieng-viet-nam/