Conference fosters collaboration and expertise in Oman's fight against fraud

Business Monday 27/November/2023 18:07 PM
By: Times News Service
Conference fosters collaboration and expertise in Oman's fight against fraud

Muscat: The ACFE Annual Anti-Fraud Conference, inaugurated by Tahir Salim Al Amri, Executive President of the Central Bank of Oman at Oman Sheraton, is currently underway.

The conference is being hosted by the Oman Chapter of ACFE under the patronage of the College of Banking and Financial Studies (CBFS), and attendees include representatives from the State Audit Institution, Royal Oman Police, Capital Market Authority, Central Bank of Oman, and Public Authority for Consumer Protection.

Over 200 anti-fraud leaders and experts from various sectors across the country are actively participating in the conference to engage in discussions about the latest trends and tools used in the fields of fraud detection and prevention.

Al Amri delivered an address in which he extended a warm welcome to the participants and expressed gratitude to all ACFE Board members for hosting the Anti-Fraud Forum-2023 in Oman. He commended their role in executing sustainable initiatives to foster secure business environments. Al Amri also congratulated the Certified Fraud Examiners (CFE) awardees, emphasising the importance of developing human capital and obtaining professional global certifications as key milestones.

He highlighted that such investments contribute to the nation's future and cultivate a knowledgeable and skilled workforce, aligning with Oman's sustainable development goals. Al Amri shared that the Central Bank of Oman encourages its staff to upskill with technological advancements and global certifications to be prepared for the future.

“I hope that Oman’s Annual Anti-Fraud Forum will serve as a platform for stakeholders to come together, share insights, and collectively identify effective solutions to prevent fraud and corruption. This aligns with the CBO’s goals of optimiaing collaborative efforts among organisations to exchange information, best practices, and experiences aimed at enhancing governance,” Al Amri stated.

Khalil Nabhan Al Rawahi, President of the Association of Certified Fraud Examiners (ACFE) Oman Chapter, extended a warm welcome to all delegates, expressing appreciation for the support and collaborations with the representations from the Omani Ministries for the Anti-Fraud Forum-2023. Al Rawahi emphasized the importance of events like this to learn from financial crime experts and peers, mitigating the impact of fraud on businesses and governments.
“Fraud remains a persistent threat globally, and the need for increased vigilance and education is more critical than ever. We applaud the ACFE Oman Chapter’s dedication to raising awareness and nurturing a culture of integrity. Through active participation in initiatives like the Annual Anti-Fraud Forum, the forum proactively combats fraudulent activities and contributes to the development of a more resilient business landscape in the Sultanate of Oman,” Al Rawahi added.

As Fraud Forum 2023 unfolds, Iyad Mourtada delivered the keynote address, with other eminent speakers including Jose Chacko, Sharifa Al Mahrouqi, Ahmed Al Harrasi, Manar Al Farsi, Mahmmed Al Qasami, Dr. Aju Samuel, Maha Al Habsi, Nayaz Mohammed, and CA Prabhu shedding light on various anti-fraud awareness and operational fraud spanning diverse sectors. These discussions align with the ESG framework, aiming to enhance awareness of fraud prevention and detection within the local community and create a culture of a fraud-free world.

Abbas Al Lawati moderated the panel discussion, with panellists Salim Al Mushaifri, Haitham Al Raisi, Pete Byrne, and Huda Al Hinai. The panel discussed various banking and financial sector-related fraud awareness methodologies, emphasizing ways to safeguard the interests of all stakeholders and financial integrity. Strong internal controls and compliance procedures were highlighted as essential safeguards against deceit, crucial for protecting businesses and clients.

CA Prabhu, while addressing the forum, stated, “We strive to reinforce our vigilance and preparedness, working alongside regulators and all stakeholders to strengthen our defenses against emerging cyber threats. By educating, engaging, and empowering our members and the wider community, we remain dedicated to safeguarding our operations and stakeholders from the evolving risks of fraudulent activities, thereby protecting the interests of all stakeholders at all times.”

The event was attended by around 200 anti-fraud professionals, invitees, and guests from government institutions representing various ministries of the Sultanate of Oman. Afrah Al Ghafri and Zayid Al Busaidi served as the program hosts, and Hassan Ahmed, Director of the ACFE board, proposed a vote of thanks to all, with special appreciation extended to event sponsors Bank Muscat, Bank Dhofar, Renaissance Group, and Ooredoo.