Bloomberg explained the increase in the number of appeals to the US Treasury about sanctions violations

The increase in the number of appeals to the US Treasuryabout possible violations of sanctions, including against Russia, grew afterhow whistleblowers got the opportunity to receive rewards for the provided data

In three weeks of 2023, the American financial crime enforcement agency FinCEN (Financial Crimes Enforcement Network, a division for combating financial crimes within the US Department of the Treasury) received more than 100 reports from whistleblowers, some of which are related to the possible circumvention of sanctions against Russia by banks, reports Bloomberg.

The same number of applications were received by FinCEN in the previous two years. Bloomberg notes that the increase in the number of applications is associated with changes to the corresponding program, which President Joe Biden signed along with the budget for fiscal year 2023 (beginning on October 1, 2022) of $ 1.7 trillion. The initiative was supplemented by a reward system - now whistleblowers whose information turned out to be useful can expect to receive an amount of 10 to 30% of the fine that the authorities charge for violating sanctions.

According to Bloomberg, the law encourages whistleblowers to provide information about a range of wrongdoings, including "how banks covertly help Russian President Vladimir Putin fight in Ukraine." “This will hit the most sore spot of Putin and his associates,” said lawyer Steven Cohn. He represents two whistleblowers outside the United States who claim that a certain bank serves "Russian oligarchs" and organizations under sanctions . Cohn declined to specify the name of the bank and the names of the businessmen.

In the United States, the ex-FBI agent was accused of working for Deripaska and violating sanctions Politics

The FinCEN program initially focused on violations of banking secrecy and anti-money laundering laws, and the agency rejected reports of violations of economic sanctions. Republican Senator Chuck Grassley said the amendments ensure that whistleblowers who report cases of sanctions circumvention "receive fair compensation" and "encourage others to report corruption."

FinCEN is going to expand the staff who work with whistleblowers (now it is three people). “The office will subsequently be staffed by law enforcement officers who will evaluate and investigate whistleblower data as needed, and will process reward claims,” a spokesman for the agency said.

Whistleblower rewards are also offered by the Securities and Exchange Commission (SEC). Whistleblowers have received $793 million over the past two years, or 61% of the $1.3 billion in fines.

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