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Congress Has Passed Sweeping Anti–Money Laundering Legislation. Now It’s Up To Trump.

Posted  January 29, 2021

Associate Sarah “Poppy” Alexander was quoted in the BuzzFeed News article, ‘Congress Has Passed Sweeping Anti–Money Laundering Legislation. Now It’s Up To Trump’ published on December 11, 2020.

Following rising concerns about money laundering using the US financial system, Congress has passed new anti-money laundering legislation included in the National Defense Authorization Act (NDAA). First, it would require anonymous shell companies to disclose their true owners. Those who fail to disclose their ownership or provide false information could face fines of up to $10,000 and up to two years imprisonment. Second, it would require the government to report on how law enforcement agents use suspicious activity reports, and the Justice Department would have to file yearly reports justifying its use of deferred prosecution agreements. Third, it requires FinCEN to study new technologies to identify criminal money flows and to improve communication with the private sector. Finally, it would establish a new FinCEN whistleblower program for financial crimes, providing protection to those who blow the whistle on misconduct from retaliation and offering them financial rewards for stepping forward. Alexander highlighted the potential of the new legislation:

  • “Providing the means for whistleblowers to report to the government is the best way to incentivize insiders to come forward with the necessary information.”
  • “This new law goes a long way towards providing a safe and secure forum for insiders to help law enforcement connect the dots.”

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Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Money Laundering, Whistleblower Rewards,


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