A new financial institution has been set up in Dubai with the aim of combating fraud, bribery and the financing of terrorism.
The Dubai Economic Security Centre has been established through a law issued by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
It aims to protect Dubai’s position as a global financial and economic hub from the threat of corruption, fraud, embezzlement, forgery, counterfeiting and money laundering.
Entities subject to the centre’s authority include local government bodies and any company or institution licensed to engage in economic activity in the emirate, including free zones such as the Dubai International Financial Centre.
The new centre will also have oversight over charities operating in Dubai.
“Furthermore, the centre is tasked with the development and publication of reports and periodic statistics on the financial and economic status of the emirate, participation in councils and committees focused on Dubai’s financial and economic affairs, following up on criminal proceedings that may impact the emirate’s economy, and combating activities and practices that may have a detrimental impact on the emirate’s economy and its resources,” said a statement from the Government of Dubai on Sunday.
The centre will also provide protection and ensure the safety of individuals “collaborating with it”.
The new law also outlines the penalties for violations such as the disclosure of information or data that is considered confidential, which could bring imprisonment of up to one year and a maximum fine of Dh50,000.
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