Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Tuesday issued a new law imposing tough penalties on perpetrators of financial crimes.
Designed to protect Dubai’s economic interests and preserve financial rights of individuals, the new law imposes sentences of up to 20 years in jail for those convicted of defrauding public and private funds in the emirate.
The new regulation comes in line with Dubai’s ongoing efforts to eradicate all forms of corruption, enhancing the emirate’s position as a leading global business hub, news agency WAM reported.
It reported that the law “facilitates redemption of funds fraudulently seized by individuals from either public or private money”.
Under the new law, convicted persons will face five to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.
Imprisoned convicts will be granted access to conduct all necessary external communications that guarantee timely redemption of funds, it was reported.
The law will be enforced with immediate effect and will be published in the official gazette.
Follow us on
