Published on December 08, 2022

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NWC Commends Senate – Calls on House to Pass AML Law

Washington, D.C. December 8, 2022. Yesterday evening, the U.S. Senate unanimously passed the bipartisan Anti-Money Laundering (AML) Whistleblower Improvement Act. The bill fixes the U.S. Treasury Department’s broken AML program, which has struggled to obtain whistleblowers to disclose information on money laundering because of legislative shortcomings.

“This bill is the key to effective transnational anti-money laundering efforts.” said Siri Nelson, Executive Director at National Whistleblower Center. “The fact that the Senate had the wisdom to pass this unanimously is a major sign of the continued bi-partisan support for whistleblowers. Now we just need to see the House finish the job and get these much needed improvements to President Biden.”

“The House Financial Services Committee unanimously approved the bill and it can and must be voted on by the full House as quickly as possible. Whistleblowers need to be enabled to report the abuses of Russia, and the illegal use of the billions of dollars their leaders illegally laundered, right now,” concluded Kohn, who also serves as the Chairman of the Board of the National Whistleblower Center.

Whistleblower’s supporters are urged to call Congresswoman DeLauro, Chair of the House Appropriations committee and ask that she lead the final charge to making this bill law!

Call the House Committee on Appropriations at (202) 225-2771 and Representative Rosa DeLauro’s office at (202) 225-3661 and express your support for H.R. 7195 Anti-Money Laundering Whistleblower Improvement Act.

The AML Whistleblower Improvement Act provides financial incentives for whistleblowers who report illegal money laundering. AML whistleblowers are at the greatest risk of retaliation. The illegal launders are often drug dealers, persons involved in terrorist financing, powerful millionaires and billionaires who illegally hide their wealth offshore, and Russian oligarchs covered under U.S. sanctions. The bill is modeled on the Dodd-Frank Act, which established the highly successful SEC and CFTC whistleblower programs.

The bill establishes two fundamental reforms:  the right to get paid if your information results in a successful prosecution and the creation of a fund to pay AML whistleblower awards, while ensuring that no taxpayers monies are ever used. Under the bill the fines obtained by those convicted of illegal money laundering pay whistleblowers and are used to induce others to step forward.

The AML Whistleblower Improvement Act is cosponsored by Senators Chuck Grassley (R-IA), Raphael Warnock (D-GA), and Elizabeth Warren (D-MA). A companion version of the bill is cosponsored in the House by Representatives Alma Adams (D-NC) and Anthony Gonzalez (R-OH). 

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