Research Handbook on International Financial Crime
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Research Handbook on International Financial Crime

  • Research Handbooks in Financial Law series

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.
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Chapter 49: Rewards for whistleblowing

Caroline Bradley

Extract

Whistleblowing involves a conflict between an employee’s duties of loyalty to her employer and her duty to uphold the law – to participate in enforcement of the law by disclosing wrongdoing. When the disclosure involves issues of national security, as in the case of Edward Snowden, governments, claiming to be guardians of the public interest, see employee duties of confidentiality (or non-disclosure) as consistent with the public interest. Wikileaks and Edward Snowden’s disclosures have raised general questions about what citizens have a right to know about how their governments behave. Governments may discourage or fail to encourage whistleblowing even where it might help to improve the quality of public services. In these non-national security contexts governments which fail to encourage whistleblowing are more vulnerable to criticism. When governments have made commitments to open government and transparency (whether by proclamation, as in the case of the US, or by treaty, as in the case of the EU), these failures to encourage disclosures of wrongdoing and problems are especially significant. Whistleblowing in the private sector does not involve the same type of conflict between different public interests. Arguably duties to private sector employers should cede to the obligation to comply with the law – especially where breaches of the law carry criminal sanctions. An employee who discloses insider trading, market manipulation, or sanctions-busting should not be criticized for breaching duties to an employer who, at the very least, did not work hard enough to prevent such activities.

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