SEC proposes whistleblower program to combat scams

The Securities and Exchange Commission (SEC) is proposing a whistleblower protection program to enhance its fight against illegal activities like investment scams and money laundering.

This initiative aims to safeguard individuals who report anomalies, thereby strengthening corporate integrity and contributing to national anti-corruption efforts.

The SEC recently released draft guidelines for public comment as part of its commitment to transparency and in coordination with the Department of Finance.

SEC Chair Francis Lim emphasized the crucial role of financial consumers, investors, and corporate insiders in identifying and reporting wrongdoings.

The program intends to empower citizens to report violations of corporate and securities laws without fear of reprisal, including complex issues like insider trading and disclosure failures.