New legislation boosts anti-money laundering whistleblower program with minimum award and expanded protections, sparking surge in lawyer interest and expected increase in whistleblowers coming forward. SRA's power to demand information from solicitors expanded to include economic crime, fines for non-compliance. And in other news, Canadian man sentenced to 17 years for his role in global Black Axe fraud and money laundering scheme, ordered to forfeit $10 million and pay $4 million in restitution to victims.
Treasury program changes in support of anti-money laundering whistleblowers
The recently passed omnibus spending bill heralds major changes to the US Treasury Department's anti-money-laundering whistleblower program, supporting whistleblowers with a minimum potential award and a revolving fund collected from enforcement actions based on their tips. The new approach removes the barriers to legal advice experienced by many potential whistleblowers, as well as protecting them from retaliation.
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The UK Government grants SRA with more powers to demand information from firms
The UK government plans to extend the Solicitors Regulation Authority’s (SRA) power to demand information from solicitors and firms beyond money laundering matters to economic crime more generally. Currently, the SRA can ask firms for certain documents before inspections it conducts related to money laundering, but under the new rules, it can demand information from – and fine - around a further 3,200 law firms and individual practitioners that do not fall under the jurisdiction of the Money Laundering Regulations.
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Leader of global fraud and money laundering ring sentenced
A Florida district judge sentenced a Canadian man, Akohomen Ighedoise, to 17 years and 6 months in prison for his role in a global fraud and money laundering scheme. The court also entered an order of forfeiture of $10,632,546.36, which represents the proceeds of the charged criminal conduct, and ordered Ighedoise to pay $4,389,340.97 in restitution to the victims.
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Photo by Pawel Czerwinski on Unsplash
