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Bank muscat to host conference on financial crimes on 2 October

MUSCAT, 29 September 2012 - bank muscat, the flagship financial institution in the Sultanate, in collaboration with the Royal Oman Police (ROP) is hosting a conference on Financial Crimes on 2nd and 3rd October 2012 at the bank’s head office. The initiative comes as part of efforts aimed at complementing efforts by the government and the Central Bank of Oman (CBO) in spreading 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, corporates, banking establishments and media will attend the conference which focuses on spreading awareness about financial crimes such as electronic crimes and money laundering and the widespread usage of forged credit cards globally.

Thomas Totton, General Manager – Internal Audit, said: “bank muscat is proud to host this conference aimed at bringing organisations in Oman together to discuss ways to mitigate financial crimes in their business areas. The conference is an opportunity for organisations to familiarise themselves with the ways and means to detect and prevent financial crimes. 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 media, including the Internet.​