Times of Oman, Muscat: Sultanate of Oman, represented by the State Audit Institution and the National Center for Financial Information, participated in the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units organised by the Presidency of State Security and Oversight and Anti-Corruption Authority in the Kingdom of Saudi Arabia under the patronage of His Royal Highness Prince Mohammed bin Salman Al Saud, Crown Prince and Prime Minister, on May 15-16 at Four Seasons Hotel Riyadh.

Over 600 experts and specialists, including 50 speakers from anti-corruption agencies, financial intelligence units, and financial institutions in the Middle East and North Africa, as well as international organisations attended the event. The forum aims to strengthen joint Arab action to serve efforts to combat cross-border corruption and related money laundering crimes in the Middle East and North Africa as well as benefit from successful experiences and practices in this field. The forum also focuses on building capacities and enhancing cooperation among authorities concerned that work closely to combat financial crimes, money laundering, and terrorist financing in the Middle East and North Africa.

The Sultanate of Oman’s delegation is headed by Sheikh Ghuson bin Hilal Al-Alawi, Chairman of the State Audit Institution, accompanied by specialists from the Institution and the National Center for Financial Information. At the forum, Al-Alawi delivered the speech of the Sultanate of Oman highlighting the keenness of the Sultanate of Oman on emphasising the importance of activating cooperation mechanisms among anti-corruption agencies and financial intelligence units in a manner that enhances common aspects in the field of capacity building among entities concerned with combating corruption and financial crimes, money laundering, and terrorist financing.

Al-Alawi further pointed out that developing national strategies is a successful approach based on directing resources and leveraging available opportunities and successful experiences towards achieving the desired goals. This can be achieved through the support of the required legislation and best practices that promote the role of state institutions in regulating the workflows and directing human and material resources within the targeted plans and programs and in a manner that contributes to achieving their mission and vision with the desired quality.

Al-Alawi added that national strategies contribute to assessing and managing risks in a preventive, proactive and remedial manner at the same time, in addition to strengthening efforts aimed at combating and preventing corruption, money laundering and terrorist financing. These strategies are intended to employ resources and technology more effectively and efficiently and strengthen the capacities and practical procedures of national authorities to improve the performance of their systems and the capabilities of their agencies to keep pace with developments in the local, regional and international arenas to combat corruption in line with international requirements.

Al-Alawi concluded his speech by noting that the Sultanate of Oman emphasises the importance of creating legal mechanisms to establish collaboration and coordination between anti-corruption agencies and financial intelligence units in order to ensure the exchange of information on preventing and combating corruption crimes, as well as contribute to building and developing these entities’ institutional capacities. Furthermore, Al-Alawi emphasised the significance of exchanging expertise and utilising regional and international experiences to strengthen their role in combating and preventing corruption and money laundering offences.

The Forum program consists of two main sessions in which the first day’s session focuses on the utilisation of technologies in combating money laundering and identifying ways to overcome obstacles of financial crimes in a changing global context by reviewing adaptation and flexibility strategies. The role of data and artificial intelligence in the fight against money laundering was also discussed.

Areas of strengthening mechanisms of cross-border law enforcement and asset recovery, as well as the foundations of human capacity building in the fight against corruption and fraud, were also discussed in the first session.

Furthermore, the bases of financial transparency were reviewed as methods for collecting information on the actual beneficiary and sharing such information at the international level. Additionally, the session highlighted the need and necessity of combating corruption in order to achieve economic growth.

The second-day session of the Forum aims to focus on enhancing civil society cooperation in monitoring financial crimes and terrorist financing, addressing how to strengthen anti-money laundering efforts by using cloud technologies, as well as encouraging proactive cooperation between the public and private sectors in a way that stimulates economic progress.

During the second session, techniques for tracking funds to monitor financial crimes and the challenges encountered will be reviewed. In addition, how investment companies and institutions deal with corruption risks in markets, as well as methods for decoding cybercrimes and money laundering. Additionally, the session assessed the effectiveness of compliance measures in combating corruption and money laundering in financial institutions.

The second session will include reviewing innovative methods of law enforcement by adopting a proactive approach rather than seeking law enforcement as a reaction. Furthermore, the session sheds light on money laundering operations and illicit proceeds in non-profit organizations, as well as evaluating the possibility of corruption on the part of vulnerable political figures and reviewing regulations and remedial actions.