WASHINGTON – Taxpayers Against Fraud (TAF) sent a letter to the members of the Senate Banking Committee urging them to strengthen the Anti-Money Laundering Whistleblower Program. The letter was sent in anticipation of the committee’s hearing, “Tightening the Screws on Russia: Smart Sanctions, Economic Statecraft and Next Steps,” which is happening now.
Within the letter are examples of the kinds of cases seen by Taxpayer Against Fraud Education Fund members, which could be actionable if the current AML whistleblower program were expanded to explicitly cover sanctions violations.
“Since the program came into existence, we have witnessed a flood of inquiries from potential whistleblowers, many with critical information concerning the misuse of the U.S. financial systems by international bad actors,” said Jeb White, President & CEO of TAF. “However, since the program in its current form is so limited, many of these potential whistleblowers have disappeared without ever telling the government their information. The personal risk to them to come forward was simply too high without a guarantee that their information would fit within the program.”