Framework offers confidentiality and protection, but also warns against false disclosures
The Abu Dhabi Global Market (ADGM) on Tuesday published its guiding principles on whistleblowing.
“They are intended to help ensure that whistleblowers are given adequate opportunities to speak up and are fairly treated when doing so and should also help ADGM entities understand those practices that are encouraged to foster a culture that supports speaking up where appropriate,” the ADGM said in a document.
Whistleblowing could include references to fraud, money laundering, corruption, breaches of legal or regulatory requirements, unethical conduct and/or acts to cover up wrongdoing, the authority said.
The ADGM also stressed that entities registered with it should have an adequate framework that protects whistleblowers.
“Whistleblowers are unlikely to raise concerns if they are not afforded appropriate protection against some of the negative consequences that may result from speaking up. Accordingly, it is important for ADGM entities to have a whistleblowing framework that adequately protects whistleblowers from any and all forms of retaliation or disadvantage that might result from their whistleblowing,” the document said.
The ADGM also stressed on confidentiality of the whistleblower, and urged entities to have controls in place to prevent unauthorised access to whistleblowing reports, “in particular to any information that might inadvertently or inappropriately reveal the identity...
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