The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024
The Anti-Money Laundering (AML) Whistleblower Program is projected to be a leading U.S. anti-corruption measure in 2024, according to lead whistleblower attorney Stephen M. Kohn of Kohn, Kohn & Colapinto.
Kohn, Kohn Colapinto is one of the largest groups of whistleblower attorneys globally. In an article shared by Stephen M. Kohn, who is widely recognized as one of the nation’s leading qui tam and whistleblower attorneys, he highlights that the Anti-Laundering (AML) Whistleblower program will drastically improve the anti-corruption efforts in the U.S.
Kohn wrote that “the Anti-Money Laundering Whistleblower Improvement Act has the potential to be the most effective transnational anti-corruption law on the books. ” Moreover, he also wrote that “In 2024, the law, and the AML Whistleblower Program it established, should start to deliver on this potential as whistleblower award programs continue to play a more central role in US global anti-corruption efforts.”
The article also states that the program dates back to 2020 and has been improving ever since. It was subjected to numerous rounds of improvement, and the efforts bore fruit in 2022. The program was established as an official effective whistleblower award program. The act aims to target primarily two crimes that are the driving force behind financial crime in the U.S. With its main focus on aiding the institutions in battling money laundering and sanction busting, this law will revolutionize anti-corruption efforts. The law has an open draft and will be enforced in all states in the U.S.
Similar programs, such as the SEC whistleblower program, have been aiding regulatory authorities in battling financial crime. A major significance of these programs is that they have proven to be extremely effective in allowing the U.S. regulatory authorities to identify corruption globally and effectively prevent it.
As the ending word, Kohn writes, “The table is set for the AML Whistleblower Program to take a leading role in the US’ global efforts in 2024, but two major questions remain in determining the program’s success: Will the Treasury Department and FinCEN fully use the program, and will the regulations for the program align with the unique needs of international anti-corruption whistleblowers?” writes Kohn.
Suggested Reads
UAE Imposes Strict Penalties for AML and CFT Failings
Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions
Money Laundering & VAT Fraud Acquisition Against Lycamobile
The Corporate Transparency Act is set to be Implemented in January 2024 Across the Country
