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

Paul Latimer (Associate Professor of Law, Department of Business Law and Taxation, Monash University, Melbourne, Australia)

Journal of Financial Crime

ISSN: 1359-0790

Article publication date: 31 December 2002

765

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.

Keywords

Citation

Latimer, P. (2002), "Reporting suspicions of money laundering and ‘whistleblowing’: the legal and other implications for intermediaries and their advisers", Journal of Financial Crime, Vol. 10 No. 1, pp. 23-29. https://doi.org/10.1108/13590790310808565

Publisher

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MCB UP Ltd

Copyright © 2002, MCB UP Limited

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