The failure to adequately protect whistleblowers who report illegal money laundering threatens the core anti-corruption policies of the United States. Due to the procedures mandated by the U.S. Senate, the fate of whistleblowers who courageously report money laundering currently rests with the U.S. Senate Banking Committee, which must approve amendments to a law it endorsed last term in order to commence the reform process. By way of background, in 2020 that Committee unanimously approved reforms that would have adequately protected whistleblowers who disclosed money laundering. The original Banking Committee proposal was modeled on the Dodd-Frank Act, and contained key provisions necessary for a whistleblower law to work.
Although Congress passed reforms to the money laundering laws in 2020, the whistleblower protections eventually approved were defective. The original Banking Committee proposals were amended and two key provisions necessary for the whistleblower reforms to work were cut. The Banking Committee has a second shot at getting the job done right, and if it acts there is a very strong chance that the reforms will become law, and whistleblower protections for money laundering informants will start to be effective. Time is of the essence, as the legislative “vehicle” for fixing this problem is quickly fading.
The importance of protecting whistleblowers who report money laundering is at the heart of the entire anti-corruption program of the...
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