Facebook whistleblower on 'harmful but legal' content - FT interview

Frances Haugen talks to the FT's European tech correspondent Madhumita Murgia about the 'huge opportunity' to introduce strong new digital laws, and why she chose to speak out against the social media giant.

 

Why is Switzerland looking the other way?

The Swiss Have Sent a Chilling Message to Banking Whistleblowers 

From The Wire –

““If governments around the world who have been helped by Hervé Falciani will not protect him, they would make themselves guilty of wilful blindness or of looking the other way while a whistleblower is legally crucified.”

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Whistleblower's NAB leak reveals persistent bad behaviour in financial planning

From Sydney Morning Herald –

“It was early August 2014, and the financial advice industry was on red alert. The Commonwealth Bank's chief executive had just "unreservedly" apologised for a scandal involving fraud, forgery and a cover-up within the bank's financial planning operations. Allegations had just surfaced about cheating on professional exams at Macquarie Group.

And within National Australia Bank, a sensitive and explosive report was circulating.’

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Gold market breaches 'covered up'

From BBC

“Dubai's biggest gold refiner committed serious breaches of the rules designed to stop gold mined in conflict zones from entering the global supply chain, a whistleblower has revealed.

Amjad Rihan led an Ernst & Young team that audited Kaloti and found it was failing to carry out the proper checks.”

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SEC launches new Whistleblower Program

With its new whistleblower program that officially became effective on August 12, the Securities and Exchange Commission (SEC) has also launched a new webpage for people to report a violation of the federal securities laws and apply for a financial award.

The Dodd-Frank “Wall Street Reform and Consumer Protection Act” has provided the SEC with the authority to pay financial rewards to whistleblowers who provide new and timely information about any securities law violation. Among other things, to be eligible, the whistleblower's information must lead to a successful SEC enforcement action with more than $1 million in monetary sanctions.

The SEC's new webpage is located at www.sec.gov/whistleblower and includes information on eligibility requirements, directions on how to submit a tip or complaint, instructions on how to apply for an award, and answers to frequently asked questions.

"Early and quick law enforcement action is the key to preventing securities fraud and avoiding investor losses, and the whistleblower program gives us the tools to help achieve that goal," said Robert Khuzami, Director of the SEC's Division of Enforcement.

Sean McKessy, Chief of the SEC's Office of the Whistleblower, added, "Securities fraud is not a victimless crime. That's why why it is so important for people to step forward when they witness an ongoing securities fraud or learn about one that has taken place or is about to occur. Our new whistleblower award program makes it easier for people to take that step."

The SEC's new whistleblower program strengthens the SEC's ability to protect investors in several ways including;

• Better Tips: Over the past several months, the SEC has seen an increase in the quality of tips that it has been receiving from individuals since Congress created the program. 
• Timely Tips: Potential whistleblowers are incentivized to come forward sooner rather than later with "timely" information not yet known to the SEC. 
• Maximizes Outside Resources: With fewer than 4,000 employees to regulate more than 35,000 entities, the SEC cannot be everywhere at all times. With a robust whistleblower program, the SEC is more likely to find and deter wrongdoing at firms it may not have otherwise uncovered 
• New Protections Against Retaliation: Employees who come forward are provided with new tools to protect themselves against employers who retaliate.
• Bolsters Internal Compliance: The new rules provide significant incentives for employees to report any wrongdoing to their company's internal compliance department before coming to the SEC. Therefore, companies that would prefer their employees report internally first are incentivized to a have credible, effective compliance program in place.