Canada is home to the second largest number of overseas whistleblowers with 62 tip-offs, 15 percent of all those from outside the US, while China with 52 tip-offs follows in third. Russia and India make the remaining top five.
The Global Fraud Report by Kroll shows that a whistleblower was involved in one in three incidents of all cases where fraud was uncovered and in a staggering 41 percent of cases that involved senior or middle management.
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Four whisteblowers have cashed in on payouts from the SEC in the last fiscal year, with one being awarded $14 million, under the U.S.'s Dodd Frank Act which gives protection to those who expose misconduct. Financial rewards for whistleblowers will give extra incentives for people to report wrongdoing, according to Hamilton.
"The U.K. authorities are considering offering rewards to whistleblowers, as they are a very effective way of discovering fraud. The increase in overseas whistleblower tip-offs to the SEC shows the policy's impact on international companies in particular," he said.
"Those thinking about reporting corporate malpractice might be tempted to go to the U.S. regulator rather than their own company, wherever they are based in the world, in the hope of receiving a substantial reward."