Individuals may become eligible for awards if the information leads to successful enforcement resulting in monetary fines exceeding $1 million.
Whistleblowers who expose fraud involving government funds can get up to 30 percent of the fines imposed on violators, Treasury Secretary Scott Bessent said in a Feb. 13 interview with CNBC.
“I think it’s going to be a great way to ferret out waste, fraud, and abuse,” Bessent said.
“We are encouraging whistleblowers who know about fraud, people who are stealing from the American taxpayer, to come forward at Treasury. We’re setting up a website, and we will be giving rewards up to 10 to 30 percent of the fines that we levy.”
The tips can be “anything that has to do with government programs, where there’s a lack of common sense,” the Treasury Secretary said.
“It’s kind of like they say at TSA, if you see something, say something. And if you say something and it turns out that you have helped us make a big recovery, we want to pay for that.” TSA refers to the Transportation Security Administration.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) launched the whistleblower webpage on Friday, through which tips can be submitted to the agency, the department said in a Feb. 13 statement.
FinCEN’s Office of the Whistleblower accepts tips involving violations of various laws that are crucial to protect national security and the country’s financial system, the department said.
According to FinCEN, the agency’s whistleblower program covers violations of four statutes and their regulations: the Bank Secrecy Act, the Trading With the Enemy Act, the International Emergency Economic Powers Act, and the Foreign Narcotics Kingpin Designation Act.
Individuals who provide relevant information may become eligible for awards if the information leads to successful enforcement resulting in monetary fines exceeding $1 million, FinCEN said, while committing to protect the whistleblower’s confidentiality.
The Treasury encouraged whistleblowers to provide relevant information promptly and to submit specific, detailed documentation to support their allegations.
“President [Donald] Trump has been clear that Americans have a right to know that their tax dollars are not being diverted to fund acts of global terror or to fund luxury cars for fraudsters. At Treasury, we follow the money. We did it with the mafia, we have done it with the cartels, and we’re doing it with the Somali fraudsters,” Bessent said.
