St Helena Council Unveils Crypto Fraud Prevention Policy

In an effort to safeguard its financial integrity and reputation, the St Helena Council has introduced a comprehensive policy aimed at preventing and detecting cryptocurrency-related fraud. The policy, which comes into effect immediately, outlines strict measures to deter, prevent, and detect fraudulent activities involving digital currencies.

Employee Training and Vendor Verification

Under the new policy, all employees of the council will be required to undergo regular training on crypto fraud awareness every two years. New recruits will receive similar training as part of their orientation program upon joining the council. Additionally, all vendors, contractors, and suppliers doing business with the council will be subject to thorough screening and verification processes to ensure they are legitimate and authorized to transact in California.

Maintaining Confidentiality and Consequences for Fraud

The policy emphasizes the importance of maintaining confidentiality during investigations, ensuring that information received is treated confidentially to the extent permitted by law. It also outlines severe consequences for employees found guilty of making false accusations or engaging in fraudulent activities, including disciplinary action up to termination.

Reporting Suspected Fraud

The policy outlines specific procedures for reporting suspected fraud, which includes providing detailed information about the alleged fraudulent activity, including:

• The name of the accused person or persons
• Their title(s)
• The nature of the fraud

Internal Controls and Measures to Prevent Fraud

To further deter fraud, the council has implemented internal controls, policies, and procedures aimed at preventing and detecting fraudulent activities. These measures include:

• Regular audits
• Background checks for all employees
• Contractual agreements with vendors that prohibit fraudulent acts

Setting a New Standard

The council’s move to introduce a crypto fraud prevention policy comes amid growing concerns over the increasing threat of cryptocurrency-related fraud globally. The policy is expected to set a new standard for local governments in St Helena and beyond.

As a council spokesperson noted, “We take the integrity of our financial transactions very seriously. Our new policy demonstrates our commitment to protecting our assets and maintaining public trust. We urge all our stakeholders to report any suspected fraud to us immediately.”