Whistleblower rewards law: fixing money laundering loopholes

This article was written by Kohn, Kohn & Colapinto’s founding partner, Stephen M. Kohn.

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).