WASHINGTON, D.C. | APRIL 8, 2022 — National Whistleblower Center (NWC) is thrilled to support Congresswoman Adams and her introduction of HR 7195. This amendment to the Anti-Money Laundering Act of 2020 is urgently needed and represents a huge step forward for whistleblowers who are needed now more than ever.
The bill expands on existing Banking Secrecy Act legislation to ensure whistleblowers “who voluntarily provided original information to the employer of the individual, the Secretary, or the Attorney General” receive a minimum of 10%, “in total, of what has been collected of the monetary sanctions imposed in the action or related actions.” This incredibly important reward provision would incentivize whistleblowers to come forward and elevate the critical anti-money laundering program to join ranks with the highly successful Securities and Exchange Commission whistleblower program.
“Current events have illustrated the importance of controlling illegal banking activities like money laundering and bribery to safeguard democracy against the kind of instability and violence that we see occurring in Ukraine. Anti-Money Laundering whistleblowers are critical to the success of U.S. sanctions and Rep. Adam’s introduction of this bill could not have come at a better time!” – NWC Executive Director Siri Nelson.
In addition to this guaranteed minimum reward for Whistleblowers HR 7195 establishes “a revolving fund to be known as the Financial Integrity Fund.” This Fund marks another landslide victory for whistleblowers – providing stability and certainty that mandatory awards will be paid.
NWC commends Congresswoman Adams for proving her dedication to whistleblowers and their protections with the introduction of HR 7195; the addition of award minimums and the creation of a Fund specifically for whistleblower awards means that, once passed, whistleblowers will no longer have to wait for the Secretary of the Treasury to determine if they will receive an award and where it will come from.
These improvements to AML law will support a successful whistleblower program which is paramount to creating an environment where whistleblowers are more likely to come forward about financial crimes.
NWC Executive Director Siri Nelson is available for comment. For more information, contact NWC at email@example.com.