Taiwan Strengthens Whistleblower Protection in Finance, Promising Rewards for Reporting Violations

In a significant move towards encouraging transparency and accountability in Taiwan’s financial sector, the government has introduced new regulations to protect whistleblowers who report violations of financial laws. These measures, which took effect on [date], provide safeguards for individuals who come forward with evidence of wrongdoing, while also offering rewards for their bravery.

Reporting Requirements

To ensure that reports are thorough and actionable, whistleblowers are required to submit written or email reports providing detailed information about the alleged violation, including:

• Location
• Supporting evidence such as photographs, videos, or documents

Incomplete or uncorrectable reports will not be accepted.

Rewards for Reporting Violations

If a case reported by a whistleblower is successfully prosecuted and the penalty imposed exceeds NT$30,000, the authority that accepts the report may issue a reward of up to 10% of the collected penalty amount. In cases where the whistleblower is an employee or has a vested interest in the matter, the reward can be as high as 30%.

Joint Whistleblowing

The regulations also establish procedures for joint whistleblowing, ensuring that all individuals involved in reporting a case share equally in any resulting rewards.

Exceptions to Reward Eligibility

No reward will be issued in cases where:

• The report is made anonymously
• Government personnel acting within their official duties make the report
• The reported case is already known to the authority or has been previously investigated

Confidentiality and Protection Measures

To ensure the confidentiality of whistleblowers’ identities and information, authorities are required to:

• Keep all relevant documents separate and sealed
• Only release information to investigative or judicial agencies with proper authorization

Additionally, if a whistleblower faces threats or intimidation due to their report, the authority that accepts the report will:

• Request police protection and handle the situation in accordance with the law
• Seek assistance from relevant agencies for foreign nationals who are affected by the reported case

Funding Rewards

The rewards provided under this new procedure will be funded through an annual budget allocated by the competent authority.

Conclusion

With these measures in place, Taiwan is demonstrating its commitment to protecting whistleblowers while promoting transparency and accountability in the financial sector. The new regulations aim to encourage individuals to come forward with evidence of wrongdoing, leading to a more transparent and responsible financial system.