After two years of extensive debate and advocacy, the United States Senate, during the lame duck session, unanimously passed the bipartisan Anti-Money Laundering (AML) Whistleblower Improvement Act (S. 3316). The bill is now at the House, waiting final approval.
Why did the Senate take time to act on this bill during the ultra-busy lame duck session? The answer resides in Russia. The Senate bill targets Russian oligarchs who laundered billions of dollars into Western banks. For the first time whistleblowers who know where that money is stashed will be incentivized to report those assets to the departments of Justice and Treasury. Potential whistleblowers working as bankers, financial advisors, or real estate agents, know where every penny of this ill-gotten wealth is hidden.
But that is just the beginning. If passed, for the first time ever there will be a whistleblower law identical to the highly successful Dodd-Frank Act covering whistleblowers worldwide who expose sanctions busting and money laundering. The bill targets anyone who is violating U.S. sanctions against Russia. Whistleblowers will be empowered to report anyone who is secretly providing Russia with weapons, technology, or money. It is arming whistleblowers with the tools they need to help Ukraine and stop Russian corruption and aggression.
Senate bill 3316 contains all of the best features of the Dodd-Frank Act, features that have been praised by both Democratic and Republican appointed SEC chairs, and the...
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