Whistleblowers who report financial fraud could receive a significant payout from the Trump administration.
Treasury Secretary Scott Bessent announced a new program on Monday to pay eligible whistleblowers for providing actionable tips related to fraud, money laundering, sanctions violations, and other national security laws.
‘The scale of this is unbelievable.’
The Treasury Department’s Financial Crimes Enforcement Network submitted a proposed rule to implement the new program.
Fraud whistleblowers could receive 10% to 30% of the fines imposed on the criminals they report.
This latest announcement is part of President Donald Trump’s crackdown on fraud, an issue that has remained in the national spotlight following journalist Nick Shirley’s investigative reporting in Minnesota and California.
“As promised, Treasury will reward whistleblowers who provide timely, actionable information on fraud, sanctions violations, and other significant illicit finance activity,” Bessent stated. “President 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, and we strongly encourage individuals to come forward with credible tips to help safeguard our financial system.”
RELATED: Vance’s fraud task force drops hammer: 70 California hospice and home health providers suspended
Scott Bessent. Andrew Harnik/Getty Images
The Treasury Department has already received over 700 leads, according to Bessent.
During an interview with Fox News, Bessent explained that “a lot” of the financial fraud could be attributed to COVID relief.
“Many of the agencies under the Biden administration gutted their fraud departments, their fraud detection, or took down the fraud detection to get the money out quickly for COVID relief. But they never brought back the guardians of our money. So we have to have integrity in these programs,” Bessent told the news outlet.
Bessent estimated that the federal government may be able to recoup hundreds of billions of dollars in taxpayer funds.
“The scale of this is unbelievable,” Bessent said.
RELATED: ANOTHER Democrat in hot water over COVID-linked fraud allegations
Anna Moneymaker/Getty Images
Vice President JD Vance has been tapped to lead the administration’s new Task Force to Eliminate Fraud. Last week, the Centers for Medicare & Medicaid Services announced that it had suspended 70 hospice and home health providers as part of its work with the task force to identify high-risk providers.
“Vice President Vance looks forward to carrying out the president’s war on fraud,” a spokesperson for Vance previously told Blaze News. “The American people deserve better than being ripped off by people who hate this country, and the Task Force to Eliminate Fraud will ensure that essential taxpayer-funded services are used to support the hardworking Americans who rely on them, instead of being used by fraudsters and criminals.”
Editor’s note: The headline of this article has been edited after publication for clarity.
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