Taiwan's FSC amends the reward for reporting financial violations to 5 million New Taiwan Dollars; Former Legislator Huang Kuo-chang: Still no whistleblower protection law to date

The Financial Supervisory Commission of Taiwan revised the "Reward Guidelines for the Financial Supervisory Commission to Accept Reports of Financial Violations by the Public" on June 13th. It stated that in order to encourage the public to report significant financial violations, the reward amounts have been increased from the current NT$4 million and NT$2 million to NT$5 million and NT$2.5 million. However, online comments suggest that without whistleblower protection laws, increasing the reward amount is essentially ineffective for reporting.

Former Legislator Huang Kuo-chang: Whistleblowers in Taiwan Have No Protection

Former legislator Huang Kuo-chang mentioned in an interview with The Storm Media in April this year the persecution of whistleblowers at Yuanta Securities. This year, including the imB large-scale financial fraud case and the Ausvic Fund financial scam, Taiwanese investors suffered heavy losses. Recently, former legislator Huang Kuo-chang also stated in an interview that Taiwan does not have a mechanism to protect whistleblowers. The elites who are whistleblown against will even control the media to harm the whistleblowers. "They will be afraid. For citizens who intend to blow the whistle, they have to face political and media persecution. They will need to consider it for a long time."

The Executive Yuan introduced the "Prevent Fraudulent Capital Flows" policy version 1.5 in response to the imB lending platform fraud case, and the Financial Supervisory Commission has adjusted the whistleblower reward. Without a whistleblower protection law, the actual effectiveness remains to be seen.

Recent cases of financial fraud: