Thwarting HLS Chicanery - The Harvard Law Record hlrecord.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hlrecord.org Daily Mail and Mail on Sunday newspapers.
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In perhaps the last major legislative action under this presidential administration, on New Year’s Day 2021, Congress passed over President Trump’s veto what could be the most significant anti-money laundering (AML) statute since the Patriot Act of 2001, as part of the annual National Defense Appropriations Act (NDAA). Among many changes to the existing AML regime, the legislation creates a new whistleblower reward program, administered by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which resembles similar programs set up in other agencies over the past decade. Those pre-existing whistleblower programs have led to a vast flow of tips from company insiders and outsiders alleging various forms of unlawful conduct, leading to an increase in enforcement actions. The new program similarly provides enormous incentives to report violations of the Bank Secrecy Act, 31 U.S.C. § 5311