WASHINGTON – A bill originally introduced by Sen. Chuck Grassley (R-Iowa) to strengthen an anti-money laundering whistleblower program and hold sanctions violators accountable has cleared the House Financial Services Committee. The bipartisan, bicameral proposal expands on an anti-money laundering whistleblower program by adding support for whistleblowers who report violations of U.S. sanction laws, providing a funding mechanism to pay whistleblower awards and guaranteeing that whistleblowers will be paid a minimum award amount.
“The whistleblower programs I’ve helped create have seen roaring success, with the False Claims Act saving taxpayers $70 billion and the SEC whistleblower program saving over $4.8 billion. I’m optimistic that our new program encouraging individuals to come forward for suspected sanctions violations will be successful as well. 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,” Grassley said.
Three statutes account for nearly all sanctions violation penalties: the International Emergency Economic Powers Act, the Foreign Narcotics Kingpin Designation Act and the Trading with the Enemy Act. If a whistleblower discloses a violation of one of these laws and successful enforcement action ensues, this legislation enables...
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