October 3, 2017

Anti fraud association formed in Cyprus

The Cyprus chapter of the Association of Certified Fraud Examiners, the world’s largest anti-fraud organisation, announced its inaugural assembly on Tuesday.
In a statement, ACFE Cyprus said its goals are to play a leading and constructive role in the effort to spot and combat incidents of fraud in Cyprus.
“The Cyprus chapter of the ACFE is the driving force for meaningful change in the prevention of combating fraud and corruption in Cyprus,” it said, pledging to promote training and spread knowledge and skills to its members.
Speaking at the assembly, Internal Audit Director at the Bank of Cyprus Group, which is the main supporter and backer of the initiative, described the role of the ACFE and analysed the goals it is called to achieve in Cyprus.
“The Cyprus chapter aims to reduce incidents of fraud and spot and address such incidents, as well as fostering trust among the public in the integrity, objectivity and professionalism of certified fraud examiners,” Georgos Zornas said.
“We have a long way to go before we have instituted effective control and governance mechanisms in private and public organisations.”
Zornas cited the PwC’s annual report, which stated that almost one in four – 24 per cent – of participating Cypriot organisations have no official ethics training programme in place, while 42 per cent said it had not performed a fraud risk assessment.
He listed several incidents of fraud and corruption involving senior state officials and well-known politicians.

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