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Anti-Money Laundering Whistleblower Program Delay Raises Concerns Among U.S. Senators

Posted  02/8/24
money in a laundry machine
In a call for accountability, a bipartisan trio of U.S. Senators, including Chuck Grassley (R-Iowa), Elizabeth Warren (D-Mass.), and Raphael Warnock (D-Ga.), sent a letter to the Financial Crimes Enforcement Network (FinCEN) Director, Andrea Gacki, urging an explanation for the notable delays in the full implementation of the Anti-Money Laundering whistleblower reward program. Established under the 2021 annual...

Tagged in: Money Laundering,

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Constantine Cannon's Liz Soltan Featured in The Hill Discusses Protecting FinCEN Whistleblowers

Posted  06/16/23
Capital Building Zoomed in on 50 Dollar Bill
Constantine Cannon Whistleblower associate Elizabeth “Liz” Soltan is featured in The Hill with an op-ed on remuneration for whistleblowers under the Financial Crimes Enforcement Network (FinCEN) whistleblower program.  FinCEN whistleblowers help fight money laundering and sanctions evasion. The FinCEN program is in its early days and has not published regulations. It may be modeled on the Securities and...

Tagged in: Financial Institution Fraud, Money Laundering,

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Top Ten State Fraud Recoveries of 2022

Posted  01/19/23
State and local governments play a critical role in ensuring that businesses and individuals are held accountable if they commit healthcare fraud, financial fraud, government contract fraud, and more. For whistleblowers, state governments can offer additional opportunities to report wrongdoing. Where government funds are at stake – and state and local government spending reaching $3 trillion annually – more...

Tagged in: FCA State, Financial and Investment Fraud, Government Procurement Fraud, Healthcare Fraud, Housing and Mortgage Fraud, Medicaid, Money Laundering, Private Insurance Whistleblower Reward Programs, Top 10,

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Top Ten Money Laundering Enforcement Actions of 2022

Posted  01/10/23
person following a trail of money
2022 was a big year for money-laundering enforcement.  It marked the first full year that the new FinCEN money laundering whistleblower office was up and running.  And, even more remarkably, by the end of the year, the FinCEN program expanded to welcome whistleblowers with information related to sanctions violations after Constantine Cannon attorneys called for this legal change following the Russian invasion of...

Tagged in: Cryptocurrency, Financial and Investment Fraud, Financial Institution Fraud, Money Laundering, Top 10,

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Book Review: "Money Men," by Dan McCrum

Posted  09/23/22
Whistleblower Bookshelf Money Men by Dan McCrum-2
When in 2014, Dan McCrum, a bank analyst turned investigative journalist, received a tip about “German gangsters” running a company that advertised itself as the German PayPal, he could not have imagined that his reporting would allow him to expose the biggest corporate scandal in post-war Germany. Although McCrum’s book, Money Men may read like a gripping crime drama, it is a meticulously-documented...

Tagged in: CC Lawyers, Financial and Investment Fraud, Money Laundering, Whistleblower Bookshelf,

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On NFTs, Treasury Comes Out Swinging

Posted  02/8/22
NFT and cash
The Treasury Department recently issued a Report on money laundering in the art markets.  To no one’s surprise, Treasury found the art market to be an “attractive” one for money launderers, given the “the high-dollar values,” “ease of transportability,” “long-standing culture of privacy,” and “increasing use of art as an investment or financial asset.”  When Congress mandated the report back in...

Tagged in: Financial and Investment Fraud, Money Laundering,

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Top Ten Financial and Healthcare Fraud Prison Sentences of 2021

Posted  01/28/22
handcuff and money
Individuals involved in financial and healthcare fraud schemes face not just civil liability, but also criminal penalties – including prison time. In 2021, the Department of Justice obtained substantial prison sentences in a myriad of cases involving healthcare and financial frauds, many of which involved convictions of the type of fraudulent schemes that whistleblowers report. Whistleblowers play an essential role...

Tagged in: Compounding Pharmacy Fraud, COVID-19, Criminal Proceedings, Education Fraud, Financial and Investment Fraud, Healthcare Fraud, Home Health and Hospice, Lack of Medical Necessity, Medicare, Money Laundering, Ponzi Schemes, Securities Fraud, Top 10,

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Top Ten Federal Financial Fraud Recoveries of 2021

Posted  01/21/22
Money with Gavel and Handcuffs
While 2021 may have felt like more of the same as the pandemic dragged on, it marked some new trends in federal financial fraud recoveries. As we predicted last year, the Anti-Money Laundering Act of 2020 has heralded some large recoveries against banks. The Act also established an Anti-Money Laundering Whistleblower Program, so that whistleblowers who report financial institutions engaging in money laundering –...

Tagged in: Antitrust General, Bribery and Bid-Rigging, Criminal Proceedings, Financial and Investment Fraud, FIRREA, Foreign Exchange, Market Manipulation and Trading Violations, Money Laundering, Price Fixing, Top 10,

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Top Ten SEC and CFTC Recoveries of 2021

Posted  01/7/22
Top Ten Sign with Letters
As we recently detailed, 2021 proved to be a blockbuster year for whistleblowers under the CFTC and SEC Whistleblower Programs.  Seven of the ten largest whistleblower awards of 2021 were made to SEC and CFTC whistleblowers, including a massive $200 million CFTC award that was roughly twice as large as all prior CFTC awards combined.  In total, the SEC paid more awards—both in total dollars and individual...

Tagged in: Accounting Fraud, CFTC Whistleblower Reward Program, Cryptocurrency, Financial and Investment Fraud, Financial Institution Fraud, Fraud in CFTC-Regulated Markets, Misrepresentations, Money Laundering, Regulatory Violations, SEC Whistleblower Reward Program, Securities Fraud, Top 10,

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The New ENABLERS Act May Be a Backdoor Way to Expand the Anti-Money Laundering Whistleblower Program

Posted  10/14/21
Hundred dollars bills pinned to clothes line
In The Hill this week, I argue that the newly proposed ENABLERS Act is a lot more powerful than even its authors seem to realize.  The proposed law would effectively expand the Bank Secrecy Act to apply the same reporting requirements currently imposed on banks to all sorts of actors who enable (get it?) money laundering: lawyers, investment advisers, accountants, art dealers, public relations firms, and the like. ...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Legislation and Regulation News, Money Laundering, Tax Fraud, Whistleblower Eligibility,

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