It highlights how economic crime costs the UK £350 billion annually, with businesses facing rising risks such as supply chain and procurement fraud at double the global average. Policymakers are now re-examining whistleblower reward programmes as a way to tackle these escalating challenges.
Key Takeaways include:
- North American reward programmes demonstrate the value of incentivising whistleblowers, leading to actionable intelligence and improved financial recovery rates;
- UK regulators like the SFO and FCA are signalling openness to exploring financial rewards for whistleblowers, marking a shift in long-held opposition;
- Reward programmes must be part of a broader framework, combining compensation, protections, and legal reforms to optimise whistleblower engagement; and
- A pilot initiative targeting high-value economic crimes could serve as a testbed to refine mechanisms and gain public and private-sector confidence.
✅ Financial institutions should strengthen their fraud detection frameworks and support regulatory innovations to address rising financial crime risks.