“UK should consider paying whistleblowers” observes Think Tank RUSI

The document, which was launched during an event at RUSI, examines the ‘cash-for-inside-information’ schemes now being used by US Government and regulatory agencies to increase the detection and disruption of financial crime. Lockhart duly identifies a number of lessons for UK and international crime-fighting policymakers.

Lockhart argues: “A successful [cash-for-inside-information] pilot programme could reshape political, institutional and cultural attitudes towards financially rewarding whistleblowers and play a pivotal role in establishing whistleblowing as an integral component in the fight against economic crime.”

Reflecting on the report, Professor Heather Marquette (director of the Serious Organised Crime and Anti-Corruption Evidence Research Programme at the University of Birmingham) said: “Addressing transnational threats is essential for protecting the UK’s national security and development goals. Tackling kleptocracy, illicit finance and corruption is rightly at the heart of our response.”

Marquette continued: “To do this, we know we need more data. While the private sector is already a key ally in addressing the challenge, there are still plenty of enablers of economic crime in the sector hiding behind secrecy. We need whistleblowers to help break down the walls that currently exist to protect malign actors. We also need to think about how best to encourage more whistleblowers to come forward.”

In conclusion, Marquette stated: “Eliza’s research is an important step towards building a more effective response to economic crime. We’re proud to support this project and embolden the shared fight against the threats that affect us all.”

Swifter justice

Serious Fraud Office (SFO) director general Nick Ephgrave QPM explained: “The SFO is committed to delivering swifter justice for victims and combating threats to the UK’s economy. That means exploring new ways of working and trialling innovative methods to bring criminals to justice and recoup proceeds of crime faster. I’m clear that we also need change in the criminal justice system. This should begin by making it easier for whistleblowers to come forward in complex economic crime cases. I’m delighted that the Royal United Service Institute’s research recommends this as well and very much look forward to progressing these ideas.”

The Centre for Finance and Security was established at RUSI in 2014 by its founding director, namely Tom Keatinge. It specialises in the intersection of finance and security and is currently celebrating ten years of evidence-based research and insight, which have provided solutions to some of the biggest challenges in the finance and security landscape.

The Centre’s analysis and actionable ideas aim to challenge the status quo and build resilience in the global response to illicit finance. The work covers a range of state-based and non-state-based security threats. These are examined through a financial lens across two primary areas: financial crime policy and sanctions, state threats and economic security.

*Read ‘The Role of Financial Rewards for Whistleblowers in the Fight Against Economic Crime’