People walk past the U.S. Capitol Building in Washington, U.S. October 21, 2019. REUTERS/Carlos Jasso
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January 28, 2022 - On Jan. 1, 2021, Congress overrode President Donald Trump's veto of the massive National Defense Authorization Act, better known as the NDAA. Included in the NDAA were major overhauls of the U.S. anti-money laundering laws; chief among them was a new whistleblower reward law modelled on the highly successful Dodd-Frank Act. But unlike Dodd-Frank, the Anti-Money Laundering whistleblower law, 31 U.S.C. § 5323, was riddled with loopholes that have crippled its implementation and will undermine its effectiveness.
Like Dodd-Frank, the AML whistleblower law empowers the Secretary of Treasury to potentially establish a robust whistleblower program covering disclosures of money laundering and violations of the Bank Secrecy Act both in the United States and internationally. The law follows the best practices implemented under Dodd-Frank to permit anonymous and confidential reporting and permit "related action" payments (i.e., rewards based on sanctions issued by other agencies, including the Justice Department, for money laundering crimes).
The law also focuses its coverage on reporting major...
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