Mitigating commercial fraud in UAE
The Minister reiterated the importance of the new draft law for consumer protection, which includes amendments to some articles of the current federal law no. (24) for the years 2006 to punish any attempt of fraud
His Excellency Sultan Al Mansoori, UAE Minister of Economy, said commercial fraud and counterfeiting are central issues that directly affect economic growth and public safety, and also limit innovation and creativity apart from generating huge loses for companies and governments.
The Minister reiterated the importance of the new draft law for consumer protection, which includes amendments to some articles of the current federal law no. (24) for the years 2006 to punish any attempt of fraud through more financial penalties starting from AED 5,000 and up to AED 1 million.
His Excellency said that the ministry is currently working on a new draft law to combat commercial fraud and counterfeiting, and it is now in its final stages and is expected to be enforced next year.
Mr. Al Mansoori praised the efforts of the Department of Commercial Control at the Ministry, which has coordinated with local authorities involved in combating commercial fraud, and organised around 19,000 inspection tours at in the UAE during the first nine months of 2011 and imposed 1473 fines.
Of the total inspections, 8,072 were directly related to consumer protection, 10,063 were related to counterfeit goods, 558 to assess whether copyright laws were followed, 109 to ensure that laws of trademarks were being practiced and 186 tours to factories.
From these inspections, 772 fines were issued in relation to consumer protection, 595 for counterfeit goods, 71 with respect to copyright violations, 31 related to trademark laws and four during the inspection of factories.
To educate the public and the business community, the Ministry held a series of workshops for the private and public sectors, and also held a conference to combat commercial fraud. The Ministry also participated in international and regional conferences related to censorship laws as well as took part in trade fairs and exhibitions.
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- Tunisia 2020 investment conference: 145 mega projects on offer
- GCC tax on expats' income and remittances would be highly regressive: IMF
- 'The worst is over for Qatar's trade balance': BMI Research
- Riyadh to host GCC commercial fraud and imitation seminar
- The Telecommunications Regulatory Authority participates in the 7th Anti-Commercial Fraud Exhibition
- New companies law expected to be issued during 2011, says Al Mansoori
- Sharjah Economic Development Department combat "Commercial Fraud"
- UAE amends commercial laws