Anti-Money Laundering Violations
How to report anti-money laundering violations?
How to report anti-money laundering violations?
Are you aware of anti-money laundering violations and want to report them to the authorities and receive a whistleblower reward? If so, you may be entitled to receive as much as 30% of any penalties recovered by the U.S. Department of Treasury or the U.S. Attorney General as a result of your information.
The Anti-Money Laundering Act of 2020 (AMLA), which was enacted as part of the National Defense Authorization Act for 2021, established a whistleblower reward program for reporting anti-money laundering violations. Under the AMAL people who report “original information” (not merely public information) of money laundering activities may be entitled to receive up to 30% from any covered action in which the Government recoups more than $1 million. The AMAL also permits whistleblowers to remain anonymous if they are represented by legal counsel.
What are the signs of money laundering to look out for and report? Such conduct is usually very complex and involves intricate financial arrangements used to circumvent Bank Secrecy Act (BSA) regulations.
These include:
a. setting up shell corporations and off-shore foreign entities
b. creating sham contracts and business arrangements
establishing “slush” funds and secrete or misidentified accounts
c. using improper financial wires and banking transfers
The ultimate goal of these machinations is to disguise the source, use or ownership of financial assets in order to hide illicit proceeds or further some type of illegal activity, such as, paying bribes, evading taxes, supporting terrorism, hiding involvement in criminal activity and defrauding investors.
You also may be entitled under the AMLA to bring a separate claim with the U.S. Department of Labor’s OSHA and federal court for any whistleblower retaliation you suffer for bringing forward your allegations. The AMLA protects money laundering whistleblowers from being fired, demoted, suspended, threatened, blacklisted, harassed or discriminated against in any other manner. It allows for double backpay with interest, reinstatement, compensatory damages (including emotional distress), attorneys’ fees and other forms of relief.
Whether you want to report anti-money laundering violations and/or file a claim for whistleblower retaliation, you should consult with an experienced whistleblower attorney as soon as possible. That is the best way to protect your rights.
