Delivering the Institute of Certified Public Accountants in Ireland (CPA Ireland) 
Annual Business Lecture today, Dr Elaine Byrne said that the Securities and Exchange Commission (SEC) in the United States consider whistleblowers to be one of the most powerful weapons in the law enforcement arsenal.

In return for information leading to economic fines, whistleblowers get a “bounty payment” which is a percentage of the overall settlement made, as a consequence of their information.  

Dr Elaine Byrne said “The impact of whistleblower reward laws in the United States can be seen in the fact that whistleblower information now accounts for about 80 per cent of all US civil fraud prosecutions, according to the Republican Senator, Chuck Grassley.” 

“Significant protection to the whistleblower is also provided - their anonymity is guaranteed and their identity is never revealed, unless they self-identify.  The scheme has proved to be particularly successful in the pharmaceutical and financial sectors,” she said.

The establishment of an Office of the Whistleblower, similar to the impact of the Criminal Assets Bureau (CAB) 20 years ago, could be a game changer not only for Ireland but for other jurisdictions across Europe, she suggested.

CPA Ireland is one of the main Irish accountancy bodies with 5,000 members and students. 

Source: www.businessworld.ie