Sao Tome and Principe Establishes Financial Crime Whistleblowing Procedures
Promoting Transparency and Combating Financial Crime
In a move aimed at promoting transparency and combating financial crime, Sao Tome and Principe has established a robust whistleblowing procedure for reporting violations and wrongdoings. This initiative is designed to protect the public interest and financial stability by creating a culture of integrity and accountability.
How to Report
Reports can be filed via:
- Regular mail
- Email: [email protected]
- Dedicated reporting website
The Supervisory Body guarantees the anonymity of whistleblowers and initiates an investigation upon receiving a report. The process involves phases of:
- Registration
- Evaluation
- Preliminary verification
- Further examination
- Potential actions
Types of Financial Crimes Covered
Reports can be made on various types of financial crimes, including:
- Administrative misconduct
- Accounting fraud
- Civil or criminal misconduct
- Illicit conduct as per Legislative Decree 231/2001
- Violations of organizational and management models
- Offenses related to:
- Public contracts
- Financial services
- Money laundering and terrorist financing prevention
- Product safety
- Transportation safety
- Environmental protection
- Public health
- Consumer protection
- Private life and personal data
- Network and information system security
Requirements for Effective Reporting
To ensure the effectiveness of the reporting process, reports should include relevant details that allow verification, examination, and assessment of the reported facts.
Whistleblower Protection
The company has three months to respond to submitted reports, while acknowledging receipt within seven days if other communication channels are used. The Supervisory Body is obligated to:
- Protect the confidentiality of whistleblower information
- Prevent any form of discrimination against whistleblowers
Consequences for False Accusations
In cases where false accusations or defamatory statements are made, the whistleblower’s identity may be disclosed, and they may be subject to sanctions.
Conclusion
The establishment of this whistleblowing procedure aims to promote a culture of integrity and accountability in Sao Tome and Principe, ultimately protecting the public interest and financial stability.