Targeting white-collar crime, Justice Dept. seeks more whistleblowers – The Washington Post

Officials said they are modeling the new program after similar ones in two other federal agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The SEC received 18,000 tips in fiscal 2023, up nearly 50 percent from a year earlier, and paid a record $600 million to 68 whistleblowers. The CFTC received 1,530 tips and paid seven whistleblowers a total of $16 million last year.

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Justice officials said the initiative aims to fill enforcement gaps in areas where the other federal agencies lack legal jurisdiction. They cited foreign money-laundering operations that entangle American institutions, bribery of government employees and abuses of the U.S. financial system by non-publicly traded companies out of the SEC’s reach.

Under the guidelines, officials said, whistleblowers will be eligible for cash rewards provided they have not been involved in the alleged misconduct and their information helps lead to a conviction of a minimum settlement amount. That figure has yet to be announced. A similar requirement at the SEC puts the bar at cases that result in settlements of $1 million or greater.

Source: Targeting white-collar crime, Justice Dept. seeks more whistleblowers – The Washington Post