Congress is close to approving long-awaited reforms to the U.S. Treasury Department’s Anti-Money Laundering (AML) Whistleblower Program. On December 7, the Senate voted 100-0 to pass the bipartisan AML Whistleblower Improvement Act, which addresses loopholes in the AML Whistleblower Program and expands the program to cover sanctions whistleblowing. A House version of the bill was previously unanimously approved by the House Committee on Financial Services.
“Given the expansive sanctions we’ve implemented on Russia as they wage an unjust war in Ukraine, our legislation is urgently needed to hold bad actors accountable,” said Senator Chuck Grassley (R-IA) who cosponsored the bill alongside Senators Raphael Warnock (D-GA) and Elizabeth Warren (D-MA).
“The whistleblower programs I’ve helped create have seen roaring success, with the False Claims Act saving taxpayers $70 billion, the SEC whistleblower program saving over $4.8 billion and the IRS whistleblower program saving over $6 billion,” Grassley stated. “I’m optimistic that our new program encouraging individuals to come forward for suspected sanctions violations will be successful as well.”
“Senator Grassley says it all. We now need the House to immediately pass this essential legislation to empower whistleblowers to expose violations of Russian sanctions and money laundering,” remarked leading whistleblower attorney Stephen M. Kohn of Kohn, Kohn & Colapinto.
The AML Whistleblower Improvement Act fixes two loopholes...
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