KUALA LUMPUR: Fraud and other economic crimes in organisations in the country may spiral out of control if measures are not taken now to nip the problem in the bud.

HELP University College Centre for Fraud Management director Akhbar Satar said corruption, money laundering and bribery within organisations, in both private and public sectors, had been rapidly increasing over the years and must be curbed.

"The country's economy, reputation, as well as its stability will be damaged if nothing is done to stop fraud within organisations" said Akhbar.

Speaking at an Economic Crime awareness seminar at the New Straits Times Press (M) Berhad at Balai Berita yesterday, he said HELP had identified ways to eradicate and prevent fraud in organisations.

"The seriousness of economic crime cannot be overstated, as studies conducted by numerous research companies around the world prove how rampant it is," he told some 40 organisational representatives.
Among the common types of fraud in organisations are misrepresentation of material facts, concealment of material facts, illegal gratuities, conflicts of interest, embezzlement, theft of trade secrets, computer fraud, economic espionage, and money laundering.

Yunos Yusop, from the Association of Certified Fraud Examiners (ACFE) Malaysia Chapter and accountant Aaron Lau, also spoke on the problems of money laundering, terrorism financing and bribery at the event. Also present at the seminar was New Straits Times branding manager Leslie N. Jebaratnam.

The seminar, which was jointly organised by the New Straits Times and HELP University College, was designed to provide a brief preview of the 2008 HELP University College Conference on Economic Crime, which is scheduled for Oct 8 to 9, at the Mandarin Oriental Hotel, Kuala Lumpur.

Akhbar said the conference, held in collaboration between the Centre for Fraud Management of HELP University College, the Economic Crime Institute of Utica College, United States and the ACFE, will be titled "Economic Crime in Asia: A Global Perspective".

New Straits Times is the official media partner for the 2008 HELP University College Conference on Economic Crime.