Dubai issues law on Dubai Economic Security Center
The centre aims to maintain Dubai’s position as a global financial and economic hub, ensure its financial stability and protect its investments from crimes that may harm its economy.
The new law seeks to ensure the proper implementation of international best practices in Dubai’s financial markets, protect investors from risks, combat illegal and harmful activities, and predict and manage risks and negative economic trends that can jeopardise the stability of the market and the national economy.
The new law will enhance investors’ trust in Dubai’s financial markets and encourage them to use Dubai as a hub for their businesses, contribute to ensuring the integrity of procedures related to financial operations, and encourage market players to actively combat activities that can affect economic security and increase awareness about threats that such activities might pose.
Entities subject to the centre’s authority include local government bodies that are guaranteed minimum profit by the government as well as those that are subsidised by the government and any company or institution licensed to engage in economic activity in the emirate, including licensed companies operating in special development zones, free zones including the Dubai International Financial Centre.
The centre will also have oversight over charities operating in the emirate as well as any institution that is required to be monitored by the Centre as per a decision of the Chairman of Dubai Executive Council.
The new law also defines the roles and responsibilities of the Dubai Economic Security Centre, which include: combating corruption, fraud, crimes, bribery, embezzlement, destruction of public property, forgery, counterfeiting, money laundering , terrorism financing, illegal organisations or other crimes that may be committed by entities that are under the jurisdiction of the Centre. ■