Financial Crime World

Corruption in Financial Industries on Saint Helena Exposed

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Background

Saint Helena, December 15, 2015 - The Department for International Development (DFID) and St Helena Government (SHG) are urging citizens to report any suspicious activity in an effort to combat corruption and fraud.

What is Fraud?

Fraud is the use of deception to obtain an advantage or cause a loss to another party. It’s a form of dishonest conduct by those in positions of authority to acquire personal benefit. According to Financial Secretary Colin Owen, fraud is a serious issue that can have severe consequences.

The Risk of Fraud and Corruption

The risk of fraud and corruption is present globally, but it’s particularly concerning on Saint Helena where millions of pounds are being invested in various projects. Owen emphasized the importance of vigilance: “We cannot tolerate fraud and corruption, as it diverts public resources, breaches ethical standards, damages our reputation, and challenges our credibility.”

How to Report Suspicious Activity

Any reports of potential fraud or corruption will be thoroughly examined and investigated if necessary. Those found guilty of fraudulent activity will face disciplinary or criminal proceedings, and action will be taken to recover lost funds.

To report any suspicions of fraud or corruption, citizens can:

  • Contact the DFID’s Counter Fraud and Whistleblowing Unit (CFWU) by email, phone, or in person
  • Contact the Head of Internal Audit on-island, who will pass on concerns to DFID

Importance of Transparency and Accountability

The SHG has also emphasized the importance of transparency and accountability in managing public funds. Owen urged citizens to come forward with any information that may help combat corruption: “With increased scrutiny on how we manage risk, it’s crucial that we work together to prevent fraud and corruption.”

Conclusion

Fraud is a serious issue that can have severe consequences, but by working together, Saint Helena can prevent and combat corruption. If you suspect fraudulent activity, don’t hesitate to report it. Your help is crucial in keeping public funds safe and transparent.