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White-collar crime remains a significant global issue, with regulators around the world intensifying efforts to enforce laws and hold companies, corporations and individual perpetrators accountable. Brave, independent and proactive whistleblowers have held some of the world’s largest corporates accountable by exposing deep-rooted misconduct, opening several governmental and internal investigations both in India and across the globe.
Many countries are implementing stronger protections and reward programs for whistleblowers to encourage the reporting of wrongdoing. This article delves into global whistleblower frameworks, evaluating their successes, and explores why India could adopt similar initiatives.
United States: A trailblazer in financial incentives
In May last year, the US Securities and Exchange Commission (SEC) issued its largest-ever whistleblower award of $279 million. The award was granted to an anonymous whistleblower who provided information leading to a successful enforcement action, exemplifying how financial incentives and robust protections can bolster reporting.
While the SEC’s whistleblower programs have been successful, the United States set a global benchmark with the Corporate Whistleblower Awards Pilot Program released by the Department of Justice (DoJ) on August 1, 2024. This program incentivises whistleblowers to report corporate misconduct, with focus on (i) violations by financial institutions; (ii) foreign corruption...
Delta Air Lines has agreed to pay $8.1 million to settle allegations it violated pandemic aid rules by overpaying executives, according to a Department of Justice press release. The Atlanta-based ...