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Speak with a Knowledgeable Money Laundering Whistleblower Lawyer
The United States Anti-Money Laundering (AML) Whistleblower Program, administered by the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC), is one of the newest tools in the nation’s effort to combat financial crimes. This program serves as a powerful mechanism to encourage individuals with knowledge of money laundering to report these activities to the federal government, and to potentially receive a significant financial award for the information. If you need to speak with a money laundering whistleblower lawyer, contact Pugsley Wood attorneys today.
Key Provisions of the AML Whistleblower Program
In 2021, the United States created the AML whistleblower program as part of the Anti-Money Laundering Act of 2020 (AMLA), part of the National Defense Authorization Act (NDAA), which provides a legal framework for individuals to report suspected money laundering and other financial crimes. FinCEN administers the Bank Secrecy Act, and OFAC administers a variety of different laws that govern business interactions with sanctioned entities. Together, with other regulatory agencies, they investigate and prosecute violations of these anti-money laundering laws.
- Incentives for Whistleblowers: One of the most compelling aspects of the AML Whistleblower Program is its provision of monetary incentives for individuals who come forward with credible information leading to successful enforcement actions. Whistleblowers may receive between 10% and 30% of the collected monetary sanctions, providing a powerful motivation for insiders to report wrongdoing while ensuring their protection against retaliation.
- Confidentiality Protections: Understanding the potential risks whistleblowers face, the AML Whistleblower Program incorporates robust confidentiality protections. Whistleblowers can report anonymously through legal representation, shielding their identity from public disclosure and safeguarding them from potential repercussions within their organizations.
- Whistleblower Eligibility: Whistleblowers do not have to be “insiders.” They can receive awards based on their independent knowledge or independent evaluation of publicly available information, as long as the government is not already aware of the information. If a whistleblower is an insider, however, they do not need to first report their information through internal compliance procedures. Whistleblowers are not required to be U.S. citizens or residents, and the illegal conduct does not have to have taken place in the United States, as long as the U.S. regulators have jurisdiction.
- Scope of Reportable Activities: The AML Whistleblower Program covers a wide range of reportable activities, including money laundering, fraud, terrorist financing, sanctions violations, and other illicit financial transactions. This broad scope reflects the program’s commitment to addressing evolving threats to the financial system and encourages whistleblowers to come forward with diverse insights into criminal activities.
The money laundering whistleblower lawyers at Pugsley Wood attorneys are highly specialized in supporting individuals who choose to expose financial misconduct. We regularly guide whistleblowers through the intricate process of filing reports, ensuring that the information provided meets the program’s criteria for consideration, and applying for awards. We act as advocates for whistleblowers, protecting your interests and rights throughout the investigative and legal proceedings.
Our firm has one of the most experienced whistleblower teams in the world and is dedicated to assisting AML whistleblowers at every stage of the process. If you are considering blowing the whistle on a company that is involved in money laundering or other financial crimes, our experienced money laundering whistleblower attorneys can provide confidential consultations to help you understand your rights, assess the strength of your case, and guide you through the reporting process.
Contact us today to schedule a free, confidential consultation.