The omnibus spending bill for fiscal year 2023 includes an overhaul of the Treasury’s anti-money-laundering whistleblower award program
The Treasury Department’s anti-money-laundering whistleblower program, which was established in 2021 but has been viewed as lacking teeth, got a shakeup in the recentThe legislation, which President Biden signed into law in late December, contains major changes to the Treasury program, including setting a minimum potential award of 10% of monetary penalties in any enforcement action taken. Theestablishing the program laid out a maximum 30% cut for the whistleblower but listed no minimum.
The lack of a minimum award for the whistleblower, plus delays in establishing the systems for receiving and investigating tips, were key reasons why many lawyers said theyto take on anti-money-laundering whistleblowers as clients over the past two years. But with the passing of the new legislation, many said they have started to actively solicit for clients who are looking to blow the whistle.
“There were some concerns that this program was all bark and no bite; now with these additional improvements, it gives it teeth and brings it directly in line with the [Securities and Exchange Commission] whistleblower award program,” said Jane Norberg, a former head of the SEC program who is now a partner at law firm Arnold & Porter Kaye Scholer LLP and who works with companies on whistleblowing issues.Our Morning Risk Report features insights and news on governance, risk and compliance.
Whistleblowers and their advocates have welcomed the expansion of the program, including some that called it the most important step for whistleblowing since the passing of the 2010 Dodd-Frank Act establishing the popular SEC whistleblower award program. Many also expect the incentives in the program will help reveal more sanctions violations by Russian oligarchs, drug dealers, terrorists and corrupt government officials.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed Officials Expect Rate Hikes to Hurt Blacks and Hispanics MoreA softer labor market will weigh on black and Hispanic employment, Fed officials acknowledged at their December meeting. | Economy
Read more »
Giants expect to get key reinforcements on defense for Vikings clashThis is promising news for the Giants as they look ahead to Sunday’s rematch with the Vikings, this time in the playoffs.
Read more »
Classified Documents from Biden's Vice Presidency Discovered at Think TankPresident Biden's lawyers found classified documents in his former office at a Washington think tank, a White House lawyer said on Monday
Read more »
DOJ appeal deals 'blow' to victims of Sutherland Springs church shooting, lawyers sayThe department filed a brief Monday in its appeal of the district court decision that found the federal government liable for the shooting at First Baptist Church in Sutherland Springs that left 26 dead.
Read more »