Revealed: Top economic crimes in Middle East companies | GulfNews.com:
"Unlike murder, rape, robbery or any other acts of street violence, financial crime is something most people simply don’t care about, yet it continues to affect a growing number of companies in the UAE and other parts of the Middle East, according to a new report.
These illegal activities, also known as white collar crimes, cost companies billions of dollars a year and they include money laundering, bribery, corruption and cybercrime. Not only are these crimes putting company finances at risk, they’re also endangering hundreds of jobs. Doesn’t the Lehman Brothers collapse, which rendered 26,000 employees jobless in 2008, ring a bell?
A recent study by PwC showed that economic crimes were reported in 26 per cent of companies in the Middle East in the past 24 months. Although the number is lower than the global average, it went up by 5 per cent from 2014, suggesting that more incidents have been reported recently.
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