Ministers, financial organisations, and tech giants from around the world will convene at a summit in London to discuss strategies to battle international fraud.
The meeting, set to begin on Monday at Lancaster House, is a collective effort to tackle the growing threat posed by cross-border financial frauds.
Interpol’s General Secretary, Jurgen Stock, emphasised the need for global co-operation.
“Cross-border co-operation was needed to ensure there are no safe havens for financial fraudsters,” Mr Stock said.
Those at the summit will include representatives of the Five Eyes intelligence partnership – the UK, US, Canada, Australia and New Zealand – and other nations such as France, Germany, Italy, Japan, Singapore and South Korea.
Tech firms such as Amazon, Apple, Google, Meta, TikTok and LinkedIn, alongside financial sector giants including HSBC, NatWest, Santander, Visa and various national and international banking associations, are due to attend.
The two-day summit will also host law-enforcement agencies and civil society groups, highlighting the collaborative effort required to address this issue.
A concerning increase in global fraud is anticipated to be highlighted in an Interpol threat assessment.
“Changes in technology and the rapid increase in the scale and volume of organised crime has driven the creation of a range of new ways to defraud innocent people, business and even governments," Mr Stock said.
"Urgent action is required.”
The UK experiences significant effects from international fraud, with about 70 per cent of offences linked to international criminals, leading to £3 billion ($3.86 billion) lost to overseas accounts last year.
Interpol has indicated that organised criminal groups, including human traffickers forcing people to work in scam centres, often perpetrate such fraud.
“Fraudsters have no regard for boundaries, they devastate citizens in all our countries," British Home Secretary James Cleverly said.
“We will only put a stop to this scourge if we fight it head-on together and that’s precisely what we plan to do.”
Graeme Biggar, director general of the National Crime Agency, said: “Over 70 per cent of fraud has an international element and it is clear that we need an efficient and effective joint response with partners across the globe.
“The global fraud summit is an important step forward, bringing together colleagues from the public and private sectors to tackle this persistent and pervasive threat.”
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UAE currency: the story behind the money in your pockets
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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The years Ramadan fell in May
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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