Page 717 - MOE ENGLISH PR REPORT - JULY 2024

7/2/24, 4:39 PM Ministry Of Economy: New Law On Combating Commercial Fraud Bolsters UAE's Legislation And Protects Consumers In Line With …
and 'Commercial Agencies'. Its provisions have been developed with a forward-thinking and
adaptable approach that takes future developments into account.”

“In the past stage, the

Ministry of Economy has collaborated with partners of federal and local government entities,
as well as the private sector, to enhance law concerning commercial fraud. This effort has

been instrumental in creating a competitive environment for the establishment of businesses,
increasing flexibility in economic and trade activities, and strengthening the UAE's status as a

leading global hub for commerce, business, and innovation.” H.E added.

The Ministry has emphasized the law's crucial role in fostering a competitive trade and
business environment. It will drive the growth and improvement of the domestic trade system

and enhance the retail sector. The law will promote sound commercial practices and
effectively combat the sale of counterfeit, adulterated, and corrupt products. This, in turn, will

attract major brands and positively impact their economic performance. Additionally, it will
encourage research, development, and innovation, benefiting consumers and the UAE's

overall economy.

The MoEc highlighted the significant outputs of the new law, which encompassed:

Creating a conducive and secure purchasing environment for purchases by effectively
combating counterfeit, fraudulent, and corrupt goods. The law applies to all types of

commercial deceit across the country's markets, including free zones.

Violations of the law result in the imposition of administrative penalties designed to encourage

greater compliance among businesses by deterring them from selling counterfeit, adulterated

or corrupt products within the country.
Strengthening collaboration between the local and federal authorities and empowering local

authorities to address counterfeit and adulterated products, thereby promoting investments

and business activities in the country.
Implementing regulations to eliminate counterfeit, adulterated, or corrupt products from

markets and warehouses. This includes reimbursing their value and ensuring that suppliers

comply with mandatory commercial records and requests for product release.

Establishing the Supreme Committee for Combating Commercial Fraud to effectively
implement measures against commercial fraud across UAE markets by collaborating with

federal and local authorities.

https://menafn.com/1108393054/Ministry-Of-Economy-New-Law-On-Combating-Commercial-Fraud-Bolsters-UAEs-Legislation-And-Protects-Consume… 2/3