Oman bank to host forum on combatting financial crimes

Aim is to complement government and Central Bank of Oman efforts to spread awareness

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Muscat: Oman flagship financial institution bank muscat will host a conference on financial crimes on Tuesday and Wednesday in collaboration with the Royal Oman Police (ROP) at the bank’s head office.

The conference aims to complement the government and the Central Bank of Oman’s (CBO) efforts to spread awareness on financial crimes through proper coordination among different government and private sectors establishments.

Major General Salim Bin Musallam Qatan, Assistant Inspector General of Police and Customs, will preside at the opening ceremony of the conference. Representatives from the CBO, the ROP, corporations, banking establishments and the media will attend the conference which focuses on spreading awareness about financial crimes such as electronic crimes and money laundering and the widespread use of forged credit cards globally.

“BankMuscat aims to bring organisations in Oman together to discuss ways to mitigate financial crimes in their business areas,” said Thomas Totton, the bank’s General Manager-Internal Audit.

“The conference is an opportunity for organisations to familiarise themselves with the ways and means to detect and prevent financial crimes,” he said.

Expert speakers will highlight key issues, providing valuable networking opportunities for participants. The conference will highlight strategies adopted by the ROP in fighting financial crime in Oman and provide participants with a starting point for mitigating financial crimes in their business areas.”

Financial crime or white-collar crime covers a wide range of criminal offences, which affect individuals, companies, organisations and nations, and have a negative impact on the entire economic and social system through considerable loss of money. Financial crimes mainly relate to payment cards, money laundering, counterfeit currency and fraud.

Organised criminal networks are often behind financial crimes, drawn by the prospect of huge profits. These crimes often have an international dimension and are committed through a variety of methods, including the internet.

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