A subcommittee of the FNC began debating a commercial fraud bill this week.
FNC debates commercial fraud bill
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 The Ministry of Economy said the 1979 law is no longer applicable and a new law is required that would also comply with international standards.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.