February 2023 | SPECIAL REPORT: CORPORATE FRAUD & CORRUPTION
Financier Worldwide Magazine
Whistleblowers are set to play a much more prominent role in anti-money laundering (AML) and sanctions enforcement in the US. The Anti-Money Laundering Act of 2020 (AMLA), as amended by the recently enacted Anti-Money Laundering Whistleblower Improvement Act, contains the most sweeping changes to US AML laws since the USA Patriot Act became law in 2001. The whistleblower provisions in the AMLA, as amended, significantly expand the legal protections and financial incentives for whistleblowers to report AML and sanctions violations.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) soon will propose regulations to implement the new whistleblower provisions. Financial institutions (FIs) and other companies covered by AML and sanctions laws should evaluate their existing internal whistleblower programmes to ensure that they comply with the new law and encourage internal whistleblowing by employees.
Expanded financial incentives
The AMLA dramatically increased the maximum award for eligible whistleblowers who voluntarily provide original information to the Treasury Department, Justice Department or their employer. Under the Treasury Department’s prior programme, whistleblower awards were capped at $150,000. Under the AMLA, whistleblowers are eligible for awards of no less than 10 percent and up to 30 percent of monetary sanctions collected by the government for...
MANILA, Philippines — The National Bureau of Investigation (NBI) has issued subpoenas to three vloggers who allegedly spread false information regarding the health of President Ferdinand Marcos Jr...