Financial Crime World

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Guyana’s Financial Whistleblower Protection Lacking, Says Experts

The issue of whistleblower protection has taken center stage in Guyana, particularly within the financial industry. While there have been discussions about the need for stronger safeguards to protect whistleblowers from retaliation and reprisal, many experts argue that current laws are inadequate.

Protected Disclosure Act 2018: A Work in Progress

According to sources, the Protected Disclosure Act 2018, which was signed into law in February 2018, has yet to be fully activated. The Act is designed to provide whistleblowers with protection from criminal, civil, or disciplinary proceedings, as well as immunity from reprisals. However, until the Minister brings the Act into full operation, whistleblowers remain without legal protection.

Experts’ Concerns

Experts argue that this lack of protection can have serious consequences for those who come forward to report wrongdoing. “When you don’t have whistleblower protection, it’s like putting a target on someone’s back,” said one expert. “It creates an environment where people are less likely to speak out against wrongdoings, and more likely to suffer retaliation.”

Financial Industry Vulnerability

The financial industry is particularly vulnerable to corruption and fraud, making whistleblower protection crucial. However, many experts argue that the current laws in place are insufficient to protect whistleblowers.

Alternative Options

In the absence of full activation of the Protected Disclosure Act 2018, some experts recommend that whistleblowers use party-neutral avenues to report wrongdoing, such as the media or unbiased organizations. “Whistleblowing is about ensuring that breaches of the law and unethical behavior are addressed,” said one expert. “It’s not intended to influence political perceptions and loyalties. Therefore, going through political and partisan actors is a poor choice.”

Concerns Over Authenticity

The lack of whistleblower protection has also led some experts to question whether reports filtered through political actors are genuine whistleblowing or simply attempts to influence political perceptions.

Call for Robust Protection System

As the debate surrounding whistleblower protection continues, many experts agree that it’s essential for Guyana to establish a robust system to protect those who come forward to report wrongdoing. “Whistleblower protection is not only important for individuals, but also for the integrity of our financial industry,” said one expert. “We need to ensure that those who speak out against wrongdoings are protected from retaliation and reprisal.”