Wednesday, July 24, 2019
/ 01:36PM / By US
SEC / Header Image Credit: SEC
Yesterday, the U.S. Securities and Exchange Commission (SEC) announced a whistleblower award to an anonymous overseas foreign national of half a million dollars.
The SEC has reported more than $2 billion in monetary sanctions from recent actions brought by whistleblowers, according to Tuesday’s press release, and the Commission has paid over $300 million in rewards. Based on publicly available information, since the implementation of the Dodd-Frank Act, over $40 million has been paid to overseas whistleblowers.
Under the Foreign Corrupt Practices Act (FCPA), foreign nationals are given full protection under American law for reporting bribes that they have witnessed. These whistleblowers are also qualified for significant financial rewards if the violations lead to sanctions exceeding $1 million and have protection against retaliation.
“Whistleblowers are now the backbone of the international anti-bribery laws,” said leading whistleblower attorney Stephen M. Kohn. “The law is clear. The FCPA whistleblower reward law has transnational application. Whistleblowers from any country in the world can anonymously and confidentially report foreign bribery and other securities violations and qualify for a large financial reward. Over 3,000 foreign whistleblowers have already entered the SEC’s confidential whistleblower program,” Kohn added.
“For the first time, non-U.S. citizens have an effective way to report bribery in their home-countries and qualify for compensation under effective laws. The FCPA is a game-changer in the fight against international corruption,” Kohn said.
· Read the SEC press release: SEC Awards Half-Million Dollars to Overseas Whistleblower
· Read the SEC’s decision paying the award
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