Under the patronage of the Ministry of Finance (MoF) and in collaboration with the Association of Certified Fraud Examiners (ACFE), Dubai is currently hosting the 2023 Association of Certified Fraud Examiners (ACFE) Fraud Conference Middle East. With over 300 anti-fraud leaders and experts in attendance, the two-day conference seeks to explore the latest trends and tools used in the detection and prevention of fraud in various sectors in the Middle East. During the opening speech, Mariam Al Amiri, Assistant Undersecretary for Government Financial Management Sector at Ministry of Finance, expressed gratitude to the ACFE for hosting the conference in the UAE and acknowledged their role in executing sustainable initiatives in secure business environments. Al Amiri highlighted the significant progress made in the online payments segment since its inception in the mid-1990s. However, she also cautioned that technological advancements and digital initiatives are empowering fraudsters with new tools to breach security measures. She further noted that fraud cases have significantly increased worldwide in recent years, with billions of dollars reportedly lost by consumers, particularly in the Middle East. In her speech, Al Amiri emphasised the importance of working collaboratively to combat fraud, which she described as a serious threat to economies. She expressed her pride in coming from a country that is a frontrunner in this field and that is dedicated to creating a secure investment climate. Al Amiri highlighted the UAE’s efforts to raise awareness about fraud detection and prevention through nationwide initiatives such as the National Fraud Awareness Campaign. She also discussed the Ministry of Finance’s role in safeguarding the business climate, regulating financial services, and implementing best practices to reduce the risks of fraud. Al Amiri went on to discuss the Ministry of Finance’s anti-fraud manual, which was developed in 2018 to combat fraud in the federal government. She noted that the manual is implemented by all federal entities and that the ministry holds training workshops on an annual basis to enhance its application. Al Amiri also mentioned that the ministry has established a secure and confidential communication channel for stakeholders to report any cases of corruption or violations without fear of retaliation. At the end of her speech, Al Amiri stressed the UAE’s commitment to supporting the region’s ongoing efforts to combat fraud and maintain the stability and integrity of the fiscal systems. Al Amiri said: “Together, we can promote accountability and transparency in the public and private sectors and create a secure business environment to boost prosperity across the region. Today and tomorrow, we look forward to discussing ways of safeguarding our investment climate, and sharing our experience and expertise to help reduce fraud cases in the Middle East.” Bruce Dorris, President and CEO of Association of Certified Fraud Examiners (ACFE), said, “We greatly appreciate the support and partnership with the UAE Ministry of Finance for our eighth Middle East Fraud Conference. With new fraud threats arising everyday, it is important to have events like this one to learn from financial crime experts and one another so that we can prevent these frauds from greatly impacting our businesses and governments. The Ministry of Finance has demonstrated their commitment to the anti-fraud community by being a part of this conference.” The first day of the conference included two panel discussions; the first was titled “Operational shifts and their impacts on the financial industry”, and the second was titled “Managing fraud risks in sustainability initiatives”. Additionally, a panel session was held on the evolution of fraud in the global financial market, in addition to an optional session on how to pass the CFE exam.

Source: Emirates News Agency