New whistleblower regulations launched by the Dubai Financial Services Authority (DFSA), the financial regulator in the Dubai International Financial Centre (DIFC), will “bolster” protections for employees operating within the DIFC, the leading financial hub in the region, and encourage “an environment of transparency and accountability”, according to two legal experts.
Employees, officers or agents of DFSA-regulated companies operating in or from the DIFC can now withhold their identities when reporting suspected misconduct either internally or externally to their auditor, the DFSA or a law enforcement agency. DFSA-regulated firms must also protect whistleblowers from any detrimental impact that reporting misconduct could cause, up to and including employment dismissal.
The protection only applies, however, when the information provided by a whistleblower creates a “reasonable suspicion” that a regulated entity, or an officer or employee of the regulated entity, has breached legislation administered by the DFSA or engaged in money laundering, fraud or another financial crime. The disclosure must also be made in “good faith”
Ruth Stephen, employment law expert at Pinsent Masons, said: “Employees can now file disclosures anonymously which goes further to bolster the protection that employees will be afforded against suffering any detriment or dismissal in response to making a disclosure in good faith.”
Seema Bono, dispute resolution and compliance expert at Pinsent Masons,...
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