Search Results for: UAE

The Qatargate scandal continues to encourage the European Parliament and other European Union (EU) institutions to tighten protections against graft and inappropriate influence, especially from non-EU governments.

Its key suspect Greek MEP Eva Kaili has been under house arrest since May and has (as of July) yet to revisit the parliament, where she remains a full member.…

Britain’s Barclays Bank has won a UK Supreme Court appeal, with justices saying that UK banks must act on all customer instructions and not be liable should a payment be fraudulent, such as being an authorised push payment fraud (APP) (1).…

Artificial intelligence (AI) could transform the accounting sector in the Middle East, as well as the work of clients, so practice leaders should embrace this technology, a Dubai conference co-hosted by ACCA has been told.

Vivek Sam, Director, Technology Assurance, Deloitte, Middle East, told the Finance Excellence and Leadership Summit, held on May 21: “Use the technology.…

The use of artificial intelligence (AI) to better detect fraud during audits has been welcomed by anti-fraud professionals, major accounting practices, IT vendors and researchers, but experts also warn that AI needs be used carefully, especially regarding false positives.

An Association of International Certified Professional Accountants blog released in July 2022, cited a Maryland, USA, auditor Samantha Bowling, many of whose clients are non-profits guarding their reputation for probity.…

An ACCA co-hosted conference in Dubai has heard how today, Gulf Cooperation Council (GCC) bloc companies should not view meeting ESG (environmental, social, governance) standards as an optional add-on, which may help marketing, but as a prerequisite for commercial long-term survival.…

AML is expensive, and for obliged entities, the cost increases the more suspicious transactions they must assess and process. So, it is far better for them to prevent – where possible – a potential money launderer from opening an account with them in the first place.…

The precious metals and stones sector is increasingly under the spotlight regarding ML and TF, particularly gold. Given the fungibility of precious metals, the complexity of their supply chains and the varying levels of oversight worldwide, they continue to be an attractive means to launder money – especially gold, which remains the precious metal of choice for launderers.…

AML is all about the deft use of IT and the marshalling of data culled from financial records, but comprehensive KYC and client monitoring, as well as proactive ML investigations following up a suspicion, are aided by effective online tools that can uncover essential information.…

Australia is at the forefront of developing innovative marine coatings that draw inspiration from nature. These have the potential to not only protect ships from biofouling but also reduce fuel consumption by up to 10% by mimicking the properties of streamlined natural surfaces.…

Money launderers continue to develop layering techniques to insert criminal proceeds into legitimate financial transactions, and these typologies are becoming increasingly varied.

‘Cuckoo smurfing’ is one new technique attracting attention, for instance, said a briefing note from Australian FIU Austrac (1).…