The resources-rich UAE has become a hub for businesses in the Middle East, Europe, Central Asia, and Asia. While the desert country has successfully diversified its economy rather than relying on oil, it has been taking steps for the past few months to enhance the confidence of international investors in the UAE’s business environment and encourage them to bring their businesses to the UAE.
The latest is launching a platform to reduce the impact of economic and financial crimes, allowing the public to report crimes. The platform offers strict confidentiality to encourage the public to participate, a first step towards investigating and cracking down on shady financial transactions.
As a part of the Economic Security Centre of Dubai, the program will serve “as an additional channel” to report economic crimes including money laundering, terror funding, bribery, forgery and embezzlement that could potentially impact Dubai’s economy or its resources.
The platform will also outline the vitality of increased community involvement in protecting the national economy. The latest move also protects organizations that are sensitive to cybercrime upon using new technologies and working towards digital transformation.
Community members who report any economic crimes will be required to submit evidence that points to the violations, should they have any, the statement reads.
In July, the country announced its plans to establish federal prosecution offices to investigate and “crackdown on economic crimes and money laundering.”
In the same month, the UAE Central Bank and Dubai Police joined hands to provide better cooperation in exchanging information about financial crimes.
Globally, the money laundered yearly is estimated to be nearly $2 trillion, up to 5% of the global GDP, per consultancy firm Deloitte.
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