The Banking Executive Magazine - February 2022

Level Up Forensic Skills of Arab Banks tries due to effect of their finance and property with regard to their eco- nomic position. Therefore, internal and external public financial audit- ing system adopted within Arab banks has a clear and effective im- pact in improving public finance management. Arab banks should up level their skills in various forensic areas to combat fraud and corruption. Sug- gested roadmap to achieve this aim involve the following steps: • Supporting innovation in forensic technologies and applications • Raising internal and external foren- sic audit control • Devising rules and regulations in various forensic related areas • Leading research and development in forensic studies and education • Applying forensic audit to wealth of data generated and gathered by banks • Defining goals, strategies, and poli- cies for forensic conduct and activ- ities • Ensuring global positioning in the emerging field of forensic science • Developing mobile apps that can be used in forensic activities • Adopting worldwide forensic stan- dards • Modernization of financial system to catch up with advanced forensic technologies and applications • Addressing global need and the need of the wider world popula- tion to fight corruption and enforce fair and equitable practices • Enhancing international money transfer system and combatting fraud and money laundry • Developing a forensic banking working model • Developing advanced forensic technology standards • Strengthening forensic audit in Arab banks REFERENCES forensicscolleges , Wikipedia, In- vestopedia, learnxrf.com, igi-global dictionary, United States Department of Justice publications and website, Cleartax India, The Law Dictionary, Black's Law Dictionary Free Online Legal Dictionary 2nd Ed, Union of Arab Banks Conference on ABC, AMLA and MENA FATF Recommen- dations held on February 2022 - Keynote Speeches and Opening Re- marks of Wissam H. Fattouh, Secre- tary General, Union of Arab Banks, H.E. Mrs. Elizabeth Rosenberg, Assis- tant Secretary for Terrorist Financing, U.S. Department of Treasury, Mr. Michael Held, General Counsel and Executive Vice President, Federal Re- serve Bank of New York (NYFED), Dr. Fahad Ibrahim Alshathri, Deputy Governor for Supervision, Saudi Central Bank (SAMA), closing re- marks of Dr. Muhammad Baasiri, Chairman of the US-MENA PSD ini- tiative), DW, The Tahrir Institute for Middle East Peace - Kareem Chehayeb, Aya-Maria Wakim (LAU), RESEARCH GATE, .eurosai the BANKING EXECUTIVE 14 ISSUE 158 FEBRUARY 2022