Maldives Whistleblower Protection Measures Strengthened Amid Growing Financial Concerns
The Maldivian financial sector has recently witnessed a significant boost in whistleblower protection measures, following the implementation of the revised EU Directive 2019/1937 on December 18, 2021. As part of these amendments, private companies with over 50 employees are now required to:
- Appoint a dedicated whistleblowing reporting officer
- Establish internal disclosure procedures for reporting improper practices
Importance of Adhering to New Obligations
A recent webinar highlighted the significance of having robust whistleblowing policies and procedures in place. Industry experts discussed the benefits that can be derived from such measures, including:
- Enhanced corporate governance
- Reduced reputational risks
Revised Protection of Whistleblower Act
The revised Protection of Whistleblower Act aims to provide a safe and secure environment for individuals to report any suspected financial irregularities or misconduct within their organizations without fear of retaliation. This move is expected to encourage more employees to come forward with information that can help prevent:
- Financial fraud
- Corruption
- Illegal activities
Strengthened Measures Promote Transparency and Accountability
As the Maldivian finance industry continues to evolve, the strengthened whistleblower protection measures are seen as a crucial step towards promoting transparency and accountability. With the revised Act in place, companies are now better equipped to address internal concerns and maintain public trust.
By implementing these new measures, the Maldives is demonstrating its commitment to creating a robust and transparent financial sector that protects both employees and customers. This strengthened approach to whistleblower protection is expected to have a positive impact on the country’s economic landscape, promoting a culture of accountability and transparency within the finance industry.