x Abu Dhabi, UAEMonday 24 July 2017

Dubai toughens fraud penalties

Penalties of up to 20 years in jail for those involved in 'fraudulently' seizing private and public money is the latest step to stamp out corruption in Dubai.

The Dubai Government today introduced tougher penalties of up to 20 years in jail for those involved in "fraudulently" seizing private and public money, in the latest step to stamp out corruption in the Emirate. The law is designed to "safeguard public and private funds in Dubai," read a statement released by the office of Sheikh Mohammed bin Rashid, the Vice President and Prime Minister of the UAE, who issued the new law in his capacity as the Ruler of Dubai. Offenders faced a maximum of five years in jail, but with the new regulations they could face between five to 20 years. The statement said that the law stipulates the immediate release of those convicted of defrauding the government or private firms of their funds should "they fully return the money to [its] lawful owners or through settlement agreements negotiated with their debtors." A number of senior executives in Dubai were tried following a sweeping campaign by Dubai government to combat corruption in corporates.

mhabboush@thenational.ae