In Dubai, a hub for large business transactions and commercial entities, the risk of white-collar crimes is notable. Such crimes, driven by deceit, concealment, or fraud, are committed for financial gain and are complex in nature. To tackle these challenges, Dubai has implemented stringent laws that focus on mitigating the impact of these crimes.
These non-violent yet financially motivated crimes are typically committed by individuals or entities holding positions of trust. Recognizing this, the government of the UAE has introduced a range of laws specifically targeting the reduction of white-collar crimes, including the Federal Law Number 31/2021 on Crime and Penalties, which addresses offenses like fraud, embezzlement, and bribery.
The spectrum of white-collar crimes in Dubai spans from various types of fraud to embezzlement, money laundering, bribery, tax evasion, and cybercrime. Additionally, crimes such as document forgery, antitrust violations, and corporate espionage underline the need for robust legal frameworks. For instance, financial crimes involving money laundering are regulated under the Federal Law No. 20 of 2018, focusing on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
Securities and commodities markets in Dubai are regulated by the Securities and Commodities Authority, providing guidelines to protect the market from fraudulent practices and insider trading, a critical aspect of maintaining market integrity.
In addition to federal laws, Dubai’s Financial Services Authority and Abu Dhabi Global Market have their own legal frameworks to regulate financial activities within their respective jurisdictions, further fortifying the emirate’s defenses against white-collar crimes.
Despite these measures, the evolving global market of Dubai is not completely insulated from white-collar crimes. Businesses are encouraged to establish strong internal controls and compliance systems, underpinned by transparency, to effectively detect and prevent white-collar crimes within their organizations.
