Tech News: The European Commission Launched the Tool for Whistleblower; What We Know So Far

Posted: 03/20/17 05:02AM EDT

The European Commission (the executive arm of the EU) has launched a new initiative to encourage whistleblowers to step forward. A whistleblowing hotline including an email address, phone number, and encrypted web form will allow individuals to anonymously report price-fixing cartels and other anti-competitive practices.

As per Europa individuals can now help anonymously in the fight against cartels and other anti-competitive practices. These practices include agreeing on prices or procurement bids, keeping products off the market or unfairly excluding rivals and can cause immense damage to Europe's economy.

They can deny customers access to a wider choice of goods and services at reasonable prices, stifle innovation and put companies out of business.

The Commission said it previously relied on its leniency program for such tips, which allows businesses to report cartels they were involved in for a reduced fine. So far in 2017, the Commission has already fined firms involved in two cartels more than €200 million for working together to raise prices on items including air conditioning systems for cars.

In a Press Statement, Margrethe Vestager, head of competition policy, said: "If people are concerned by business practices that they think are wrong, they can help put things right. Inside knowledge can be a powerful tool to help the Commission uncover cartels and other anti-competitive practices. With our new tool, it is possible to provide information, while maintaining anonymity."

Until now, most cartels have been detected through the Commission's leniency program, which allows businesses to report their own involvement in a cartel in exchange for a reduction of the fine imposed on them.

The new system increases the likelihood of detection and prosecution and so stands to further deter businesses from entering or remaining in cartels or carrying out other types of illegal anti-competitive behavior. It therefore complements and reinforces the effectiveness of the Commission's leniency program.

© 2017 iSports Times All rights reserved. Do not reproduce without permission.


New England Patriots Trading Jimmy Garoppolo to Cleveland Browns After RG3 Injury?

Jimmy Garoppolo performed well for the New England Patriots in Week 1, but his time as a starter mig... more

Denver Broncos WR Demaryius Thomas Returning Against Indianapolis Colts

The Denver Broncos may be getting a big shot in the arm if reports are true that wide receiver Demar... more

NFL Rumors: Cleveland Browns Signing Geno Smith To Replace Robert Griffin III

The Cleveland Browns find themselves in a very precarious position following the untimely injury to ... more

MLB Trade Rumors: Ryan Braun To LA Dodgers for Yasiel Puig

Imminent Blockbuster Trade seems to be a done deal for Dodgers' Yasiel Puig and Brewers' Ryan Braun more

MLB Standings & Playoff Race: Why the Chicago Cubs Should Fear the LA Dodgers

The return of Dodgers' pitcher Clayton Kershaw should put a scare on the Chicago Cubs' magical seaso... more

Cleveland Cavaliers Get DeMarcus Cousins For Kevin Love, Is It A Fair Deal?

The Cleveland Cavaliers don’t need much to improve for the coming season meaning Kevin Love trade ru... more

Miami Heat Should Trade Chris Bosh, Build Around Hassan Whiteside

The likelihood of Miami Heat big man Chris Bosh of leaving the team is getting bigger, as possible t... more

WWE No Mercy 2016 Latest News: AJ Styles vs. John Cena Revived, Dean Ambrose the Odd Man Out?

AJ Styles will put the WWE heavyweight title on the line at No Mercy in a Triple Threat match which ... more

Real Time Analytics