Whistleblowers continue to help the financial regulator

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WHISTLEBLOWERS continue to play an important part in helping to detect serious breaches of the rules that govern finance firms in Jersey, says the Island's financial regulator.

And the number of suspicious activity reports (SARs) coming from the finance industry seems to be growing too.

The Joint Financial Crimes Unit, which is made up of States police and Customs and Immigration officers, works to detect, prevent and investigate financial crimes.

Its head, States police inspector Dave Burmingham, said that the number of reports last year was 1,847, which was up 101 on the previous year. However, to the end of October this year, the number of SARs stood at 1,400 and may end up lower than in 2011.

When it comes to whistleblowing, the numbers in Jersey are small, but the head of enforcement at the Jersey Financial Services Commission, Barry Faudemer, says that whistleblowing was an important source of reporting rule breaches.

Full story in Thursday's JEP

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