Dubai launches new platform for reporting economic crimes

Economic Security Center of Dubai stresses the importance of protecting national economy
Dubai launches new platform for reporting economic crimes
The platform is aimed at boosting community engagement and helping reduce the negative implications of financial misdeeds

Dubai has launched a new platform that will help the public report economic crimes in an effort to strengthen its economic security framework and growth.

The platform is aimed at encouraging community engagement and reducing incidents of financial crime, according to a recent statement from the Dubai Media Office.

The statement said that the platform “serves 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”.

Additional protection

The UAE has become a vital business hub in the region. While the country has successfully diversified its economy, it has been focusing on growing the confidence of international investors and encouraging them to bring their businesses to the UAE.

The platform will provide additional protection for companies and investors. This comes in times when cybercrime incidents have increased in light of many digital transformation initiatives.

The platform was introduced by Sheikh Mansoor bin Mohammed, head of the Dubai Border Security Council on the sidelines of the Al Ameen Forum in Dubai this week.

It is part of “efforts to bolster security systems to safeguard the economies of Dubai and the UAE”, which highlight the “importance of increased community involvement in protecting the national economy”, the Dubai Media Office statement added.

Measures to decrease economic crimes

The UAE has taken proactive measures to combat the threats presented by economic crimes, which may have tragic consequences.

This month, the UAE Central Bank and Dubai Police launched a collaboration to improve information sharing related to financial crimes to accomplish shared strategic goals.

The government also established federal prosecution offices last July as a step towards tackling financial crimes and money laundering.

The latest government data shows that authorities have extradited nearly 900 criminals since 2020, 43 of which were involved in money-laundering crimes. It has also issued fines of more than AED115 million ($31.3 million) in the first quarter of 2023 in its effort to fight money laundering and financing of terrorism.

Deloitte estimates that the amount of money laundered every year is close to $2 trillion, which is almost 5 percent of the global GDP.

“Dubai seeks to maintain the highest standards and international best practices related to economic security,” Sheikh Mansoor said. This is “consistent with its status as a global business and financial hub.”

“This commitment ensures the highest level of protection for Dubai’s unique development model that has created an environment that promotes business growth and robust public-private partnerships.”

The Dubai Media Office statement mentions that anyone who reports economic crimes will have to offer proof of the violations if they are aware of them.

Read more: UAE Cabinet approves AED192 bn federal budget for 2024-2026

Importance of the platform

The project’s importance lies in its ability to protect the country’s economy. It lessens the negative impacts of financial and economic crimes on society and the economy. The project also advances the UAE’s economy and makes it a more desirable place for foreign investment. In addition, it aids in the improvement and effectiveness of judicial investigations and processes.

The UAE commits to successfully combatting financial crimes and providing a safe financial environment for its residents and investors. Therefore, it aims to strengthen its financial stability and sustainable economic growth by focusing on these important areas.

For more news on the economy, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.