April 25 2016
A new institution has been set up in Dubai with the aim of fighting financial crimes such as fraud, embezzlement and money laundering. Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai and vice-president and prime minister of the UAE, this week ratified a law to establish the Dubai Economic Security Centre. The new centre will oversee any company or institution licensed to engage in economic activity in the emirate, including those registered in free zones such as the Dubai International Financial Centre (DIFC), according to state news agency WAM.
The centre will also oversee charities operating in Dubai.
Its aim is to maintain Dubai’s status as a global financial hub, by working to combat corruption, fraud, crimes, bribery, embezzlement, destruction of public property, forgery, counterfeiting, money laundering, terrorism financing, illegal organisations and “any other crimes that may be committed by entities that are under its jurisdiction”, WAM said.