Breaking the code of silence: An evaluation of whistleblower
by admin on | 2025-05-06 09:49:34 Last Updated by admin on 2025-05-09 12:37:26
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This Article seeks to critically asses the effectiveness of whistleblower regulations in promoting the reporting of financial misconduct and other violations within Kenya’s broad financial sector which encompasses the Banking Industry, Securities, Insurance, Micro-Finance Institutions, SACCOS, and the other players in the Financial Market. The article focuses on several key areas. It begins by assessing the awareness and understanding of these regulations among participants in the financial market, such as employees, investment firms, brokers and capital market intermediaries, among others. This analysis highlights the necessity of adequate mechanisms to inform individuals of their rights and the processes for reporting wrongdoing. Additionally, the article evaluates the legal protections afforded to whistleblowers against retaliation; potential job loss or harassment, and examines whether the incentives provided, such as financial rewards, are sufficient to motivate individuals to report financial misconduct. The article further investigates whether the whistleblowing reporting channels, if any, are clear, accessible, and secure in ensuring confidentiality and the anonymity for whistleblowers, as well as the interaction of sector-specific mechanisms with broader legal frameworks. The article also delves into the practical implementation of whistleblower regulations, exploring successful prosecutions or recoveries of illicit gains resulting from whistleblower information, if any, and identifying challenges faced by regulatory bodies such as the Capital Markets Authority. This includes case studies that illustrate both the pivotal role...Read more
