New Law Offering $5 Million Reward to Those Reporting Laundering of Foreign Corruption Assets in the United States

     For the longest time now, most of the foreign corruption assets end up being laundered in the United States. Though there have been strict laws to combat this vice, much has not been achieved. A Brazilian attorney, Bruno Fagali says that this can be attributed to the fact that most of these laundering cases go unreported to the United States authorities. Now there is a new bill before Washington, seeking to offer more incentive to citizens of the affected countries to report these crimes. This is the Cleptocracy Asset Recovery Rewards Act.

The huge reward will work

This act suggests that a reward amounting to $5 million be offered to anyone who successfully helps uncover foreign corruption assets laundering in the United States. Bruno Fagali is of the opinion that if this law is passed, those who are engaging in this vice have a lot to worry about. This is because the general public will have good enough reason to go after corrupt individuals hiding their wealth abroad. In addition to that, even among the corrupt systems, those not satisfied with how things are done will rat out their bosses just so that they can claim the reward.

The nitty gritty of the act

Bruno Fagali specializes his law practice around Regulatory Law, Urban Law, and Administrative Law. This internationally recognized Brazilian lawyer who is also a specialist in ethics and compliance says that this law will only offer rewards to those who help shade light on government finance corruption.

To help avoid the loopholes that may come with such a reward, public servants will not be entitled to this reward. This will help curb instances of neglect of duty among public servants. Every public servant must report corruption cases to the relevant government body rather than hold that information in the hope of a payout.

With this in mind, Bruno Fagali says that this act does not bar the payment of the reward to a reporter of the laundering who may have at an instance participated in the government corruption act itself. This means that one can sell out their co-conspirators in a government corruption scandal and will still be rewarded.