Dubai has launched a new platform that will help the public report economic crimes, as the emirate continues to bolster its economic security framework and growth.
The platform, which is part of the Economic Security Centre of Dubai, is aimed at boosting community engagement and helping reduce the negative implications of financial misdeeds on the business community and wider society, the Government of Dubai Media Office said on Tuesday.
The move would also serve as an additional layer of protection for companies leveraging the advantages of Fourth Industrial Revolution technologies and digital transformation, which are being exploited by cybercriminals to carry out their illicit activities.
The channel, which will enforce strict confidentiality to encourage wider participation from the public, was launched by Sheikh Mansoor bin Mohammed, chairman of the Dubai Border Security Council, on the sidelines of the Al Ameen Forum in Dubai.
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”, the statement said.
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”, it added.
“Such participation would reinforce mechanisms in place to combat such crimes,” Sheikh Mansoor said.
The UAE has been active in countering the threat posed by economic crimes, which can have potentially devastating impacts.
These include illicit activities in corporate sector and financial markets, customs evasion, offences in intellectual property and trademarks, money laundering, terror funding, bribery, forgery and embezzlement.
In July, the government said that it was to establish federal prosecution offices, as a “first step towards investigating and cracking down on economic crimes and money laundering”.
In the same month, the UAE Central Bank and Dubai Police announced a partnership to enhance co-operation on information exchange relating to financial crimes to achieve strategic common goals.
Authorities in the Emirates have extradited around 900 criminals since 2020, of which 43 were involved in money-laundering crimes, latest government data shows. Ten of those were terrorists or were financing terrorist activities.
The UAE has issued fines of more than Dh115 million ($31.3 million) in the first quarter of 2023 in its fight against money laundering and the financing of terrorism, the data said.
The amount of money laundered every year is estimated to be nearly $2 trillion, which is equivalent to up to 5 per cent of global gross domestic product, according to data from consultancy Deloitte.
“Dubai seeks to maintain the highest standards and international best practices related to economic security, consistent with its status as a global business and financial hub,” Sheikh Mansoor said.
“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.”
Those who will report economic crimes will be required to provide evidence pointing to the violations, if such details are known to them, the statement said.
“In the interest of due legal process, members of the public should steer clear of any investigations of their own to collate evidence, since this responsibility is vested solely in authorised entities tasked with following up incidents reported to the centre,” it said.
