Dubai sets up body to fight fraud, money laundering

Dubai Economic Security Centre will oversee licensed firms across the emirate
Dubai sets up body to fight fraud, money laundering
By Sarah Townsend
Mon 25 Apr 2016 01:54 PM

A new institution has been set up in Dubai with the aim of fighting financial crimes such as fraud, embezzlement and money laundering.

Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai and vice-president and prime minister of the UAE, this week ratified a law to establish the Dubai Economic Security Centre.

The new centre will oversee any company or institution licensed to engage in economic activity in the emirate, including those registered in free zones such as the Dubai International Financial Centre (DIFC), according to state news agency WAM.

The centre will also oversee charities operating in Dubai.

Its aim is to maintain Dubai’s status as a global financial hub, by working to combat corruption, fraud, crimes, bribery, embezzlement, destruction of public property, forgery, counterfeiting, money laundering, terrorism financing, illegal organisations and “any other crimes that may be committed by entities that are under its jurisdiction”, WAM said.

A statement from the Government of Dubai added: “The centre is tasked with the development and publication of reports and periodic statistics on the financial and economic status of the emirate, participation in councils and committees focused on Dubai’s financial and economic affairs, following up on criminal proceedings that may impact the emirate’s economy, and combating activities and practices that may have a detrimental impact on the emirate’s economy and its resources.”

The law also outlines penalties for violation, including imprisonment and a minimum fine of AED10,000 and maximum fine of AED500,000.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.