Whistleblower rewards are increased tenfold for the reporting of serious illegal financial activities and fivefold for minor illegal financial activities.
Taiwan’s FSC (Financial Supervisory Commission) is raising the maximum reward for whistleblowers to encourage reporting of financial crimes.
The amendment will help to improve the incentives for reporting fraud and maintain the order of the financial market, the FSC said in a statement.
The maximum reward will be TWD 4 million (USD 140,000), paid to those who provide information that helps the FSC uncover financial crimes that are penalised with at least a TWD 10 million fine or three years’ imprisonment. This is ten times the current rewards paid.
For financial crimes penalised with a fine between TWD 5 million and TWD 10 million, or between one and three years’ imprisonment, whistleblowers will be entitled to receive TWD 2 million, also ten times current levels.
For crimes penalised with fines between TWD 1 million and TWD 5 million, or less than one year imprisonment, whistleblowers will be given rewards up to TWD 250,000, which five times higher from current levels.
For lower-level crimes drawing fine of between TWD 200,000 and TWD 1 million, whistle-blowers can receive TWD 50,000, also five times higher from current levels.
The FSC says it will not pay out rewards when a whistleblower report is provided anonymously or by a person who uses a false name.
Last year, the FSC paid a total TWD 305,000 in rewards to seven whistle-blowers, up from TWD 155,000 in 2019 and TWD 50,000 in 2018.