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As reported in the Global Fraud and Risk Report 2019/20, a whistleblowing program is an effective detection of fraud and corruption. However, whistleblower protection laws in Singapore are currently ad hoc, instead of an all-encompassing framework which covers corporate crimes, in general.
Chin Yong Kwek, Associate Managing Director in the Business Intelligence and Investigations practice of Kroll, a division of Duff & Phelps, recently shared his views on the need for a universal whistleblower framework, citing examples from Singapore in the “Views From The Top” section of The Business Times.
“Strong whistleblower protections are necessary in any effective anti-fraud regime. As job security is invariably a key concern, having laws to govern this, will help encourage whistleblowers to cooperate. In the U.S., there are even rewards to incentivize whistleblowing. Singapore also recognizes the importance of incentivizing whistleblower cooperation and has taken steps to do so. For example, the Inland Revenue Authority of Singapore (IRAS) offers monetary rewards to whistleblowers for tax evasion cases of up to SGD 100,000 or 15% of tax recovered. The Prevention of Corruption Act also allows for anonymized whistleblowing for corruption cases. However, these measures are piecemeal—only applying to specific areas and not fraud in general. It would be encouraging to see a universal whistleblower framework implemented, one that covers all areas of corporate crimes, instead of the current ad hoc approach.”
Subscribers of The Business Times can read the full section here.