x Abu Dhabi, UAEThursday 27 July 2017

FNC debates commercial fraud bill

A subcommittee of the FNC began debating a commercial fraud bill this week.

ABU DHABI // A bill to fight commercial fraud is under debate by an FNC sub-committee.

The council’s finance committee said commercial fraud affected the country’s economy indirectly as tracking down fraudulent and counterfeit products was consuming a sum of the country’s budget.

The committee met yesterday to discuss the 24-article bill.

They found that commercial fraud was one of the biggest challenges threatening the stability of the regional market – including the UAE – and carries a number of threats on consumers’ health and safety.

The Government has witnessed major strides in passing legislation in this field and has established a number of entities on the local and federal level to fight these crimes.

A former 1979 law on fraud will be replaced by the new bill. The Ministry of Economy said the 1979 law is no longer applicable and a new law is required that would also comply with international standards.

After debating the first article, the committee decided to continue discussions at their meeting next week.

osalem@thenational.ae