Trump Signs Order Aimed At Preventing Illicit Financial Activity
President Donald Trump is implementing measures to restrict non-citizens’ access to financial systems in the United States as part of his administration’s broader immigration enforcement.
On Tuesday, Trump signed an executive order titled “Restoring Integrity to America’s Financial System” that would require institutions to consider a customer’s immigration status when assessing potential financial risks.
In accordance with the 1970 Bank Secrecy Act, the new order mandates that the Treasury Secretary and federal financial regulators provide banks with guidance on identifying customers whose profiles or transactions may indicate risks such as money laundering, terrorism financing, and labor trafficking.
The order stated that the purpose of these modifications is to “take into account the potential threats to the integrity of the United States financial system posed by foreign consular identification cards.”
The order describes “red flags and typologies” associated with suspicious activity.
Among these are repetitive cash withdrawals, the use of shell companies to conceal true account ownership, and the use of certain platforms for “off-the-books” wage payments.
The “red flags” also encompass the use of an individual taxpayer identification number (ITIN) in place of a Social Security number when opening an account or performing specific banking transactions. This number is accessible to all, irrespective of their immigration status, and is used to file and pay taxes.
Even for legitimate reasons, the move could exacerbate the challenges faced by non-citizens, particularly undocumented immigrants, in obtaining financial services.
The U.S. government has implemented a stringent policy regarding immigration, regardless of whether it is legal or illegal, has restricted the access of immigrants to public services, increased scrutiny for visa and citizenship applications, and detained and deported individuals in mass, including those with lawful immigration status.
Protests across the nation have been incited by extensive immigration operations, which have resulted in the deaths of numerous Americans at the hands of federal agents.
In November, the Treasury Department also disclosed its intention to reclassify specific refundable tax credits as “federal public benefits,” which would limit the eligibility of certain non-citizens who submit taxes in the United States.
“President Trump is taking action to restore integrity to America’s financial system, cracking down on illicit activity that threatens national security and ending the extension of credit to high-risk borrowers that American citizens are forced to subsidize,” a White House fact sheet for the order said.
“Restoring sound underwriting standards puts money back in the pockets of law-abiding Americans,” the order added.
The fact sheet claimed that “gaps in customer identification practices have allowed terrorists, drug traffickers, money launderers, and other criminal networks to exploit U.S. financial institutions to move illicit funds and evade law enforcement,” citing documented Chinese-linked money laundering networks.
The White House also pointed to cases of banks extending mortgages, credit cards, and loans to undocumented immigrants and employers underreporting wages for undocumented employees, arguing that associated “costs are passed on to American consumers in the form of higher fees and interest rates.”
Economists generally attribute higher rates to benchmark rates, which are used to balance inflation and job growth, bank funding costs, and individual factors like borrowers’ credit scores.
According to a study by the left-leaning Urban Institute, lenders issued around 5,000 to 6,000 mortgages to customers with ITINs.
Banks are generally reluctant to lend to customers with ITINs, and Fannie Mae and Freddie Mac are typically disinclined to insure mortgages for borrowers with an ITIN.
The order also directs the Treasury to consider regulatory changes under the Bank Secrecy Act that would enable financial institutions to more readily collect customer data, including immigration status and employment authorization.
Trump has repeatedly accused banks of discriminating against conservatives and has filed a $5 billion lawsuit against JPMorgan Chase and its CEO over the closure of his accounts following the Jan. 6, 2021, Capitol riot.
JPMorgan Chase said in January, “Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so.”
At the same time, the White House has overseen a broader deregulatory push that has benefited firms outside the traditional banking framework, and openly embraced cryptocurrency, with Trump pledging to make the U.S. the “crypto capital of the planet.”
BREAKING: Dolly Parton’s Cause Of Death Revealed: ‘Brief Battle’
Dolly Parton’s death came after a brief battle with cancer, her representatives revealed Tuesday.
The country music legend died Aug. 25 at Vanderbilt-Ingram Cancer Center in Nashville. She was 80.
Parton had been admitted to the cancer center Friday, four days before her death. Her representatives confirmed the cancer diagnosis in a statement to PEOPLE but did not disclose what type she had.
“Our beloved Dolly Parton spent her life and career bringing joy, laughter, hope and integrity into everything she touched. Her unmatched generosity reached the lives of countless people whom she would never meet, yet she was always there to offer a helping hand,” the statement read.
“Whether it be the hundreds of millions of books donated through her invaluable Imagination Library or funding research that helped create a lifesaving vaccine used around the world, Dolly’s unconditional love for all people was the guiding force for her lasting impact. After bravely facing a brief battle with cancer, Dolly departed her Earthly life today at the Vanderbilt-Ingram Cancer Center surrounded by loved ones,” the statement concluded.
The “Jolene” singer had also been dealing with kidney and autoimmune issues before her death, PEOPLE previously reported.
Just days earlier, Dolly Parton opened up about her declining health and acknowledged that she had put off addressing some medical issues while caring for her husband, Carl.
“As I’ve shared in video messages throughout the past year, I am dealing with some health issues that I just didn’t pay attention to when I was watching over [my husband] Carl. You know, this isn’t the first time I’ve had to manage something like this. Back in the early ’80s, I was down for several months with female issues, and I was struggling with my weight at the time too, so it’s not like I haven’t been through hard times with my health,” Parton told PEOPLE.
Her nephew, Bryan Seaver, announced her death in an Instagram video Tuesday on behalf of the Parton and Owens family.
“My name is Bryan Seaver, son of Cassie Parton, and I’m representing the Parton and Owens family today announcing the passing of my aunt, Dolly Rebecca Parton Dean, Sister, Sis and Granny to one generation and Gigi to the next,” he says in the video.
Seaver, who served as Parton’s head of security for more than two decades, said she had asked him years earlier to deliver the announcement.
“This video announcement is something Dolly asked of me years ago, before I fully absorbed it as a future reality,” he continued. “As her head of security for more than two decades, a role my father Larry held before me, I have imagined the heaviness of this moment but haven’t truly felt it until now.”
Seaver said the moment brought immense pride and heartbreak, but he took comfort in his faith that Parton had been reunited with Carl and other loved ones.
Seaver added: “It is an honor, an honor that is mixed with absolute pride and great sadness. But sadness lies with us, not with Dolly. Dolly has lived in the light and is in the arms of Jesus, surely met by Carl, her parents and countless othe
Shocking 'truth' behind Prince Harry's decision to quit major role
Prince Harry should have "resigned in disgrace" from the board of a controversial African wildlife charity, a commentator says. James Walker makes the bombshell remark in Wednesday's episode of this publication's podcast, Daily Expresso.
He and the show's host, JJ Anisiobi, delve into the Duke of Sussex's dramatic decision to step down from African Parks. James, commenting on the controversy, said: "When you hear about this stuff and how long it's been going on for, you should be resigning in disgrace. [Harry] should be saying: 'I'm not touching that with a barge pole. That is a failed entity. We're going nowhere near it'.
"But no. He's still saying he's going to 'support their mission'. And again this Caroline Pearce, executive director of Survival International, goes on to say: 'His departure doesn't undo that record'.
"She alleged that African Parks was aware of the abuses for years, but it was only after Survival complained to Harry that the charity finally commissioned an investigation."
James added: "Well, she's got a point."
It emerged on Monday (August 24) that Harry was no longer a board member of the wildlife charity.
The conservation organisation has admitted that human rights abuses were committed by its rangers against members of the semi-nomadic Baka group in Congo-Brazzaville.
African Parks has said since that it has improved its safeguarding processes both in the Odzala-Kokoua National Park and institutionally.
Its admission followed an independent human rights investigation into allegations guards managed and paid by the charity had beaten, raped and tortured indigenous people in Odzala-Kokoua National Park.
Harry was president of the charity for six years before he became a member of its board of directors in 2023.
A spokesman for the Duke said he remains an active and avid supporter of African Parks. He added: "The Duke is proud of his 10 years with African Parks and fully supports the ongoing strengthening of its board.
"His commitment to conservation in Africa continues and he remains a supporter of African Parks’ mission."
Human rights organisation, Survival International, said it had been calling on Harry to step down from African Parks for years.
The group's director, Caroline Pearce, said in a statement: "It’s outrageous that for 10 years Prince Harry has served African Parks while the organisation has been responsible for abuse and violence against Indigenous people.
"His departure doesn't undo that record — African Parks itself must now be held accountable, and must abandon this model of fortress conservation for good."
Survival International said indigenous peoples know how best to manage their land and the idea outsiders know better is racist and colonial.
