Whistleblowing is one of the most powerful weapons in the fight against fraud, money laundering and corruption, but the United Kingdom’s approach needs to be reconsidered. Whistleblowing can be a testy subject, but I believe it is potentially one of the most powerful weapons in our anti-money laundering (AML) arsenal. Anyone watching countless cop shows and movies will be all too aware of the value that an insider brings to an investigation. In the U.K., these “snouts,” as they’re called, are treated very differently than their U.S. counterparts. In the U.S., whistleblowers can stand to make a lot of money from their disclosure.

Classic free-market theory holds that buyers and sellers act as if they are guided by an “invisible hand” that help produce the best outcome — a better outcome than government oversight could ever produce. While economists debate the scope, scale and specific roles for appropriate government intervention, fraud continues. One recent high-profile case is the trial over allegations against a private company, Theranos, founded by Elizabeth Holmes — but this is far from the only case.