Global Investigations Review - The law and practice of international investigations

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Tuesday, 20 May 2014

Oman corruption crackdown continues

Oman has convicted three individuals on corruption charges.

Former commerce Mohammed al-Khusaibi minister was sentenced to three years in prison and fined US$2 million on Sunday, after he was found guilty of paying US$1 million in bribes to Mohammed al-Amri, a  former transport ministry undersecretary.

Al-Amri also received a three-year sentence and was fined US$3.1 million. Reuters reports a third individual involved in the bribery scheme was sentenced to six months in jail and a 400,000 rials fine.

The convictions follow several high-profile anti-corruption trials in the sultanate. In February, a Muscat court sentenced the CEO of government-owned Oman Oil Company to 23 years in jail for bribery, money laundering and abuse of office, while a former managing director of Galfar Engineering and Contracting was handed down a 15-year sentence and a US$4.6 million fine for paying bribes to secure contracts with PDO in early March.

BaFin: evidence of forex rigging found

German financial markets regulator BaFin says it has found evidence that traders have tried to manipulate multiple smaller currencies, the head of banking supervision, Raimund Röseler, said today.

Reuters reported Röseler said the preliminary results are "disturbing".

BaFin is one of more than a dozen authorities investigating potential foreign exchange rigging. Due to the size of the investigation, the regulator does not expect to complete its probe before the end of the year.

Voice analytics software that detects fraud and market abuse

A Spanish company has developed voice analytics to help prevent fraud in the financial sector, according to reports. Fonetic has created software that monitors telephone conversations between traders and can detect potential evidence of fraud and market abuse. The software has already been used by Spanish banks, including Santander, for five years and the company is now aiming to export its product oversees.

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