MUSCAT, 09 November 2013 - Bank Muscat, the flagship financial institution in the Sultanate, in association with the Royal Oman Police (ROP), is hosting a conference on 'Fighting Financial Crimes' for the second year running on 11 and 12 November 2013 at the bank's head office. The conference will be attended by key representatives from the Central Bank of Oman (CBO), the ROP, corporates, banking establishments and media.
This year's conference follows on the success of the 2012 event which was very well received by all participants. The conference agenda provides more focus on specific crimes affecting the public, including card fraud, mobile phone scams and cyber crime, which are becoming prevalent. Experts and key officials representing the Justice system, the ROP as well as relevant organisations will share their experiences through case study presentations with valuable tips on preventing fraud.
The initiative comes as part of the bank's efforts aimed at complementing efforts by the government and the CBO in spreading awareness on financial crimes through proper coordination among different government and private sector establishments.
The conference seeks to enhance cooperation between the government and the private sector in matters relating to preventing financial crimes, identifying the best global practices in work environment, and benefiting from the expertise of relevant bodies.
The conference offers a valuable networking opportunity for participants. Besides expert speakers highlighting key issues, strategies adopted by the ROP in fighting financial crime in Oman will be a major focus, providing 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.