UAE Prime Minister

Mohammed issues law safeguarding funds in Dubai

In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued a law imposing tough penalties aimed at safeguarding public and private funds in Dubai.

Designed to protect Dubai's economic interests and preserve the financial rights of individuals, the new law comes in line with Dubai's ongoing efforts to eradicate all forms of fraud, thus enhancing the emirate's position as a leading global business hub.

The law facilitates the redemption of funds fraudulently seized by individuals from either public or private money. Under the new legislation, convicted persons will face 5 to 20 years imprisonment. The law permits the immediate release of convicts once they have returned all money in full to entitled parties or through settlement agreements negotiated with their debtors.

Imprisoned convicts will be granted access to conduct all necessary external communications that guarantee the timely redemption of funds. The law is effective immediately and will be published in the official gazette.