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US Bill to Offer Rewards for Whistleblowers Exposing Money Laundering

Posted 01/29/21

Partner Mary Inman was quoted in the OCCRP article, "US Bill to Offer Rewards for Whistleblowers Exposing Money Laundering", published on January 18, 2021.

Treasury’s new whistleblower reward program is inspired by the highly successful U.S. Securities and Exchange Commission (SEC) Whistleblower Reward Program created by the Dodd-Frank Wall Street Reform and Consumer Protection Act following the 2008 financial...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, International Whistleblowers, Money Laundering, SEC Whistleblower Reward Program, Whistleblower Rewards,

New US Whistleblower Reward Program Bolsters Anti-Money Laundering Fight

Posted 01/29/21

pinned hundred dollar bills on clothes line

PartnerMary Inman was quoted in The Banker article, “New US whistleblower reward scheme bolsters AML fight”, published on January 14, 2021.

A new anti-money laundering (AML) whistleblower reward program was included in the US government defense spending bill recently passed by Congress. This program arose in the wake of the FinCEN Files leak, revealing how fraudsters successfully moved millions of dollars of...

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

Catch of the Week: Capital One pays $390M to resolve anti-money laundering (AML) violations.

Posted 01/22/21

Capital One, one of America’s ten largest banks, has agreed to pay $390 million to resolve allegations that it violated the Bank Secrecy Act and various other laws targeted at preventing money laundering. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) specifically said that Capital One willfully failed to guard against money laundering from 2008 to 2014, including a failure to file...

Tagged in: Catch of the Week, Financial and Investment Fraud, Financial Institution Fraud, Money Laundering, Tax Fraud,

Congress Set to Pass NDAA with New Whistleblower Reward Provisions for Money Laundering

Posted 12/8/20

NDAA money laundering AML whistleblower reward provisions

The FY21 National Defense Authorization Act (NDAA), likely to be passed by Congress this week, takes a critical step for anti-money laundering (AML) enforcement by creating a long overdue AML whistleblower program. The NDAA’s new whistleblower program, administered by the Department of Treasury, would provide for mandatory awards to whistleblowers who brought forward information about violations of the Bank...

Tagged in: Financial and Investment Fraud, Legislation and Regulation News, Money Laundering,

Sunshine State Local Elections Shine Light on How Dark Shell Company Data Can Be

Posted 11/18/20

Amidst the ongoing saga of the US national elections, Florida local elections may not have made much of a ripple. But one small scandal in the Sunshine State reveals a lot about the ongoing problem the US has with shell corporations and their hidden ownership structures. The story is convoluted, as most shell company stories are. A political donor, Proclivity, who had never donated money in Florida before,...

Tagged in: Abusive Tax Shelters, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, Money Laundering, Regulatory Violations,

Catch of the Week: Goldman Sachs Agrees to Pay Over $2.9 Billion in Foreign Bribery Case

Posted 10/23/20

businessmen shaking hands and other placing money in others pocket

The Goldman Sachs Group Inc. and its Malaysian subsidiary have admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA) by engaging in a scheme to pay more than $1.6 billion in bribes to foreign officials in exchange for lucrative contracts. According to Goldman’s admissions and court documents, Goldman paid these bribes to foreign officials in Malaysia and Abu Dhabi in order to obtain and retain...

Tagged in: Catch of the Week, FCPA, Financial and Investment Fraud, Foreign Exchange, Money Laundering,

Catch of the Week: Texas-Sized Indictment for $2 Billion Tax Fraud

Posted 10/16/20

texas longhorn bull standing in open grass field

Everything sure is bigger in Texas. Bigger hair, bigger churches, bigger stadiums, bigger ranches, and bigger sky. Oh, and as of this week, bigger billionaires committing bigger frauds! On Thursday, federal prosecutors in California charged Robert T. Brockman, a Houston tech executive, with hiding $2 billion in income from the Internal Revenue Service. True to Texas form, David L. Anderson, the U.S. attorney...

Tagged in: Abusive Tax Shelters, Catch of the Week, Importance of Whistleblowers, IRS Whistleblower Reward Program, Money Laundering, Tax Fraud,

The FinCEN Files Prove We Need an Anti-Money-Laundering Whistleblower Program

Posted 09/25/20

The FinCEN Files. It sounds ominous, and recalls the Panama Papers, the Paradise Papers, and others. Like those earlier stories, the FinCEN Files expose powerful players, including a large number of highly regulated banking giants.

December 2020 Update: New NDAA Monday Laundering Whistleblower Reward Provisions

The FinCEN Files, published by the International Consortium of Investigation Journalists and BuzzFeed News, document over 200,000 suspicious financial transactions via documents leaked...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, International Whistleblowers, Money Laundering,

Putting a Stop to Illegal Imports from Forced Uyghur Labor

Posted 09/18/20

The world has watched in horror as, starting in 2018, up to two million Uyghurs and other ethnic minorities have been arrested, relocated, or otherwise forced into internment centers in the Xinjiang Uyghur Autonomous Region in China. The government of the People’s Republic of China has separated thousands of Uyghur children from parents, forced methods of control on women, and inflicted physical and psychological...

Tagged in: Customs Fraud, Human Rights, Money Laundering, Whistleblower Eligibility,

Catch of the Week: DOJ Charges North Korean and Malaysian Nationals for Bank Fraud, Money Laundering and Sanctions Violations

Posted 09/11/20

The Department of Justice announced a criminal complaint charging Ri Jong Chol, Ri Yu Gyong, North Korean nationals, and Gan Chee Lim, a Malaysia national, for conspiracy to violate North Korean Sanctions Regulations, bank fraud, and conspiracy to launder funds. The DOJ said defendants allegedly established and utilized front companies that transmitted U.S. dollar wires through the United States to purchase...

Tagged in: Catch of the Week, Foreign Exchange, Money Laundering, Regulatory Violations,

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US Bill to Offer Rewards for Whistleblowers Exposing Money Laundering

New US Whistleblower Reward Program Bolsters Anti-Money Laundering Fight

Catch of the Week: Capital One pays $390M to resolve anti-money laundering (AML) violations.

Congress Set to Pass NDAA with New Whistleblower Reward Provisions for Money Laundering

Sunshine State Local Elections Shine Light on How Dark Shell Company Data Can Be

Catch of the Week: Goldman Sachs Agrees to Pay Over $2.9 Billion in Foreign Bribery Case

Catch of the Week: Texas-Sized Indictment for $2 Billion Tax Fraud

The FinCEN Files Prove We Need an Anti-Money-Laundering Whistleblower Program

Putting a Stop to Illegal Imports from Forced Uyghur Labor

Catch of the Week: DOJ Charges North Korean and Malaysian Nationals for Bank Fraud, Money Laundering and Sanctions Violations

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