Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Sunday issued resolution No. 4, 2016, for Dubai Economic Security Centre with a view to maintain Dubai’s status as a global financial and economic hub, support its financial stability and protect its investments against crime.
The law aims to ensure the application of the world’s best practices within Dubai’s financial markets, address challenges and risks that might face investors in Dubai, and combat malpractices. It also aims to anticipate upcoming economic challenges and protect the national economy from these risks.
The new resolution boosts investors and financial establishments’ confidence in Dubai and ensures the safety of financial principles and procedures applied and transactions made in order to encourage concerned bodies to take part in fighting against malpractices and enhance public awareness of these risks.
The centre will be responsible for many entities including private and government bodies. The centre will also be responsible for charitable societies and bodies that receive finical support from the government as well as any other licensed company or individual enterprise operating in Dubai.
The resolution identifies the centre’s frame of reference such as fighting corruption, fraud, bribery, embezzlement, forgery, money laundering, funding terrorist groups, illegal organisations and any acts that could cause damage to the public property.
The law authorises the centre to monitor and study economic phenomena in the emirate and counter negative ones. It also authorises the centre to monitor financial irregularities, follow up financial markets and establishments as well as economic activities and free zones in Dubai.
The centre will also be tasked with monitoring the trade of currencies, commodities, precious metals, listed and unlisted securities, and donations, among others.
