Reporting suspicions of money laundering and ‘whistleblowing’: the legal and other implications for intermediaries and their advisers

Abstract

Examines the status of regulation and protection of whistleblowers in Australia, focusing on intermediaries and their advisers in financial services. Outlines the ambivalence of the legal system as far as whistleblowers are concerned, and the considerable risks they take, with examples of victims; case law is scanty. Points out the limited nature of protection in specific legislation, which is limited to four states and the ACT; but finds some protection in financial services legislation, including the Corporations Act 2001, the Financial Transactions Reports Act 1988, the Proceeds of Crime Act 1987, and the Trade Practices Act 1974. Makes some recommendations for encouraging continued whistling in the interests of an informed market for financial services, and cites UK and US legislation for comparison.