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UAE President Sheikh Khalifa bin Zayed Al Nahyan.

PHOTO BY ARCHIVE


Sheikh Khalifa issues new law on financial crimes, protect whistleblowers

 

DUBAI – The UAE President has issued a new law aimed at cracking down on financial crimes in Abu Dhabi while protecting whistleblowers.

Sheikh Khalifa bin Zayed Al Nahyan issued the law regulating the Abu Dhabi Accountability Authority to enhance the monitoring of public finances.

The new law puts the Abu Dhabi Accountability Authority as the higher entity for financial monitoring and accountability, with full legal capacity to achieve its objectives.

The authority will work directly under Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Under the new law, informers, witnesses or whistleblowers of financial irregularities in local entities will receive full protection in coordination with UAE police.

The authority will now also be able to look into the financial operations of companies whose capital is at least 25 percent government-owned.

The law defines three key packages to be covered by Abu Dhabi Accountability Authority: to implement financial monitoring for all respective government entities; to ensure they are committing to their obligations, objectives and activities; and to oversee the efficiency and effectiveness of the electronic monitoring systems controlling those entities’ finances.

Entities to be monitored by Abu Dhabi Accountability Authority include: all public offices, including police and courts, corporations, councils, general secretariats, centres, offices, universities, institutes, funds, markets, public incorporated bodies, and companies partly or fully owned by government entities. ICA/Expat Media


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