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Malta Strengthens Whistleblower Protection Against Financial Crimes
In an effort to combat financial crimes and promote transparency, Malta has strengthened its whistleblower protection laws. The country’s government introduced the Protection of the Whistleblower Act (CAP. 527) in 2013, which aimed to protect individuals who report wrongdoing within organizations. The law has been updated with new regulations, aligning with the European Union’s Whistleblower Protection Directive.
Benefits of Whistleblowing
Whistleblowing is crucial for a democratic society as it helps to fight against corruption and commercial crime. Disclosures made by whistleblowers have saved lives, revealed potentially dangerous wrongdoing in the environment or health sector, and increased faith in the rule of law and justice in Malta.
Implementation of Procedures
To ensure compliance with the new regulations, entities must:
- Appoint an impartial Whistleblowing Reporting Officer (WRO) or Unit (WRU)
- Establish clear whistleblowing procedures that allow for safe and confidential reporting of wrongdoing
- Maintain proper records of every report received, in compliance with confidentiality requirements
Awareness Training
It is essential that all staff members within an organization are aware of their rights and know how to make a disclosure. Awareness training should be provided to ensure that employees understand the importance of whistleblowing and how it can help prevent financial crimes.
Record Keeping
Entities must keep proper records of every report received, in compliance with confidentiality requirements. Reports shall be stored for no longer than necessary and proportionate.
Compliance with GDPR
As entities will be processing sensitive and personal data, they must ensure compliance with the General Data Protection Regulation (GDPR) at all times.
Support from RSM Malta
RSM Malta, a leading accounting and consulting firm, is committed to helping organizations implement effective whistleblowing procedures. Our experts can assist with:
- Establishing governance structures
- Creating policies and procedures
- Ensuring compliance with the new regulations