x Abu Dhabi, UAEWednesday 26 July 2017

Frauds lead to UAE red notices

The need for reforms to the UAE's bankruptcy laws may be showing up in Interpol arrest warrant statistics.

The need for reforms to the UAE's bankruptcy laws may be showing up in Interpol arrest warrant statistics.

The UAE is one of the world's most frequent issuers of the warrants and more than two-thirds come under the broad heading of fraud.

That, some observers say, may be symptomatic partly of a system that doles out criminal penalties for bounced cheques during routine business failures.

Many lawyers and government leaders have said recently that change to the laws is coming as the UAE strives to keep itself competitive and foster business formation.

A list of the top issuers of Interpol red notices follows. The UAE appears in 11th spot.

 

Top issuers of Interpol red notices

Country / Notices

1 United States 726

2 Honduras 692

3 Albania 467

4 Russia 454

5 Argentina 442

6 Belarus 420

7 India 350

8 El Salvador 234

9 Azerbaijan 227

10 Pakistan 222

11 UAE 211

12 Moldova 162

13 Korea 143

14 China 138

15 Colombia 135

16 Croatia 129

17 Ukraine 122

18 Brazil 111

19 Canada 106