Fraud in Gulf at 'alarming levels'

ALARMING LEVELS: Fraud is costing the Gulf billions of dollars every year, KPMG said. (Getty Images - Picture for illustrative purposes only)

Fraud in the Gulf is at "alarming levels" and is costing the region billions of dollars every year, according KPMG's 2008 GCC Fraud Survey published on Wednesday.

The global accounting and consulting firm said the survey found 40 percent of respondents believe fraud and misconduct is a major problem when doing business in the region and 60 percent expect the level of fraud to increase in the next two years.

KPMG said respondents reported individual losses of some $100 million.

The company called for "a commitment to tackle fraud incidents robustly in an environment underpinned by a culture of compliance, and an appreciation of the values of integrity and honesty".

"Whilst the risk of fraud can never be eliminated, such an approach should help reduce fraud risk and fraud related incidents," it said.

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