A Senate inquiry is set to recommend cash bounties for whistleblowers who expose corporate wrongdoing.
The inquiry will also call on the Australian Securities and Investments Commission to set up a dedicated office to handle such informants, according to Fairfax Media.
ASIC chairman Greg Medcraft recently warned that budget cuts would force the regulator to rely more heavily on tip-offs to investigate corporate fraud.
The Senate inquiry, which will deliver its report this week, scrutinised the way ASIC handled whistleblowers at the centre of the Commonwealth Bank finance planning scandal, whose original tip-off of serious misconduct within the bank's financial planning arm was not acted upon for 16 months.
Australia reportedly is regarded as having poor legal protections for corporate whistleblowers, who complain the system leaves them isolated and vulnerable to victimisation.
Groups including the Tax Justice Network and the Australian Federal Police Association argue that a reward system for corporate informants, such as offering a percentage of any funds recouped, could encourage more people to come forward with tip-offs.
ninemsn.com.au 23 jun 2014
Excellent to hear that the 'law' is going after the 'big fish' of corporate crime.
Let's start by this on public record by naming the trademark 'CCV' (Civic Compliance Victoria) operating fraudulently with the 'Sheriff's Office' under the directorship of Brendan Facey.
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