By signing the landmark anti-corruption bill, Joe Biden ushered in a new era of robust transnational whistleblower protection.
For the first time in history, whistleblowers from any country have the right to anonymously and confidentially report money laundering and sanctions violations to the US Department of Justice and Treasury, and to apply for whistleblower rewards.
The Anti-Money Laundering Whistleblower Improvement Act contains the following key provisions:
- whistleblowers will receive a guaranteed reward in the amount of "at least 10 percent" of the sanctions collected during the relevant procedure. Previously, there was no legally established minimum for awards, they were awarded solely at bodies’ own discretion.
- a fund is established to pay compensation to whistleblowers. It will be fully funded by sanctions collected in cases involving whistleblowers.
- the law applies to whistleblowers who report violations of US sanctions, such as those imposed in response to russia's invasion of Ukraine. Before Congress passed this law, no US whistleblower law covered this category of disclosures.
So, we are watching you, russian oligarchs, who have hidden real estate or their wealth in Western banks - whistleblowers are already after you.
