Fraud to cost Gulf billions of dollars

22 October 2008
A survey by KPMG has concluded that losses resulting from financial crime in the region are likely to be billions of dollars each year.

According to the GCC Fraud Survey 2008, released on 22 October, some respondents reported individual losses of about $100m due to fraud.

More than 40 per cent of respondents believed that fraud and misconduct are major problems when doing business in the region.

About 60 per cent said they expected the level of fraud to increase in the next two years.

The survey also says that fraud committed by management and other staff accounted for the bulk of fraud incidents and internal controls were only partially effective in detecting these crimes.

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