As more and more negative press is being circulated in relation to the United Arab Emirates, with Dubai, in particular, bearing the brunt of journalists' quills, while editions of the Economist, The Times as well as other well respected publications have failed to reach the newsstands, not surprisingly for those still in the UAE times are lean and stories of woe are plentiful. Business continues, however, and for risk managers and compliance officers in the region, there are ongoing fundamental tasks to be tackled, which include the concerns in relation to fraud, anti-money laundering, corporate governance, treating customers fairly and liquidity issues.
Fraud is unfortunately rife at both the retail and the wholesale level. With countless absconders having left the country, debts are left, cheques are bounced and the administrative nightmare for the recovery units of credit and banking institutions begin. There are no published statistics in relation to the size of the retail debt
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