Central Bank of the UAE sets up whistleblowing channel to report misconduct

Regulator sets up a secure platform on its website to report suspected wrongdoing, which allows for supporting evidence to be attached

The UAE has issued various regulations to fight money laundering and combat financing of terrorism. Sammy Dallal / The National

The Central Bank of the UAE has set up a new whistleblowing portal allowing employees and other parties to report concerns about misconduct.

The portal is "an encrypted channel that allows internal and external stakeholders to anonymously raise any concern related to misconduct or policy violations" by any of the central bank's own employees, contractors or other representatives, the regulator said in a statement on Monday.

"The portal, located on the CBUAE website, allows employees and external stakeholders, such as financial institutions, vendors and the public to voice their concerns around misconduct without the fear of reprisal," the statement said.

It also allows those submitting concerns to attach any documents or files in support of any claims made.

A global report issued in March by the International Bar Association and the Government Accountability Project found that there are currently 48 countries worldwide that have national whistleblowing laws in place. That is set to increase to 62 once all European Union member states adopt a directive passed in 2019.

The survey also found that web portals are replacing traditional hotlines, as they offer "the additional benefits of anonymity, while facilitating the provision of supporting documentation and communication with an investigative authority".

The Central Bank of the UAE said its introduction of a portal is part of the organisation's efforts to promote its own code of conduct and high governance standards.

The portal will also address "occurrences of alleged illegal and unethical practices by taking the necessary action in a timely manner", the central bank's statement said.