Anti-Corruption Law Reform in the UAE: Can Legislative Proposals Fill the Void?
Type
E-journal
Date
13 Jul 2012
Jurisdiction
United Arab Emirates
Taxonomy
Financial Institutions, Companies & Corporate Bodies, Regulation & Offences, Financial & Business Offences, Offences against the State & the General Public
Copyright
LexisNexis
Relevant company
Habib al Mulla & Partners
Legal reference
Dubai Law No. 37/2009, Dubai Law No. 8/2010, Federal Law No. 3/1987, Federal Law No. 4/2002, Federal Regulation No. 24/2000
Analysis
The UAE has been classified by several global rating and research organisations as having one of the developing world's lowest corruption rates. However earlier this month the President announced plans to introduce the UAE's first dedicated anti-corruption law to increase transparency, fulfil international company law requirements and bring the country into line with the United Nations (UN) Convention against Corruption, which it signed in 2003. The law will be drawn up by the State Audit institution. Mazen Boustany, Partner, Head of Banking & Finance at Habib Al Mulla & Company provides an overview of the UAE's current situation and assesses the potential impact of the legislative proposals.
Overview
Recent events in Tunisia indicate where fraud and corruption is mentioned in relation to the Middle East and North Africa region, people tend to associate it with governments and government officials.
Private corporations are often considered to be less affected by fraud, which is of course not strictly true.