The U.S. Department of the Treasury's Financial Crimes Enforcement Network, or FinCEN, has launched a new dedicated web page to confidentially accept whistle blower tips on fraud, money laundering, and sanctions violations. Secretary of the Treasury Scott Bessent announced that Treasury would provide financial rewards for eligible whistle blower tips.
In Minnesota, Secretary Bessent also unveiled a series of initiatives Treasury is undertaking to combat fraud, including investigating Money Services Businesses, enhancing reporting to accelerate prosecutions and recover laundered funds, alerting financial institutions to help disrupt fraud rings exploiting child nutrition programs, and training law enforcement to better leverage financial data to combat complex fraud schemes. In addition, the IRS will launch a dedicated fraud task force focused on targeting the misuse of funding by 501(c)(3) tax-exempt entities.
by Joji Xavier
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