New Dubai body to boost investor confidence, stamp out financial fraud

In this Monday, Oct. 5, 2015 photo, a thick blanket of early morning fog partially shrouds the skyscrapers of the Marina and Jumeirah Lake Towers districts of Dubai, United Arab Emirates. (AP)

Dubai has set up a new financial institution to combat fraud, crime, and terrorist financing in the bustling regional trade hub.

The new body, known as the Dubai Economic Security Center, was established by a decree from Sheikh Mohammad bin Rashid al-Maktoum, the UAE’s vice president and Dubai ruler.

Entities subject to the center’s authority include government-owned or subsidized companies, and businesses and charities registered in the emirate. The center’s authority extends to companies operating in the city’s numerous free zones, including Dubai’s International Financial Center.

The center will boost investor trust in Dubai’s financial markets by predicting risks, “negative economic trends” and ensuring the “proper implementation of international best practices,” according to state news agency WAM.

The center will work to combat corruption, fraud, crimes, bribery, forgery, counterfeiting, terrorist organizations in the emirate.

It will also work to compile and publish reports and statistics on Dubai’s financial and economic status.

The new law, which sees the formation of the center, “annuls any other legislation that contradicts or challenges its provisions,” according to WAM.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48
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