Dubai's ruler on Tuesday issued a new law imposing tougher sentences of up to 20 years in jail for those convicted of defrauding the government of funds, as it seeks to continue its clampdown on corporate crime.
The new law is to "protect Dubai's economic interests and preserve financial rights of individuals," according to a statement from the office of Sheik Mohammed bin Rashid Al Maktoum seen by Zawya Dow Jones.
Under the new law, those convicted of public, or private fraud could face between five and 20 years imprisonment, said the statement, which adds that felons may be immediately released "once they fully return the money to [its] lawful owners or through settlement agreements negotiated with their debtors." Previously, the maximum sentence had been five years.
Dubai's business community was rocked last year by a series of high profile investigations and arrests of senior executives amid a crackdown on corporate crime.END
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