The Mena region’s fintech landscape is booming, with over 800 start-ups worth $15.5 billion
During a debate on fraud in trade transactions and their impact on national economy, the House yesterday cautioned that most of the imported goods, namely clothes, shoes, toys, spare parts, furniture and electronic equipment, are not being checked for classifications.
Presided over by Abdullah Al Masood, NCC Speaker, the council in its second session of the 16th Legislative Chapter reviewed a report presented by the Ministry of Economy on means of preventing and curbing commercial fraud.
The report suggested that specific classifications must be designed for all imported commodities.
“A central local authority, well equipped with qualified human resources and advanced techniques must be established to curb commercial fraud in the country,” said the House. It proposed devising effective mechanisms to enhance cooperation between authorities concerned in the country to combat trade fraud, namely Emirates Standardisation and Measurement Authority, Customs Authorities, Municipalities, chambers of commerce and Industry, Ministry of Health and other local health authorities. “Efforts by both federal and local authorities concerned still fall short of curbing the practices mainly because of a lack of coordination between these parties,” said Ghaith Al Hamili, NCC member.
Shaikh Ahmed Al Dhaheri, another NCC member, said harsher penalties should be imposed.
Citing findings of Abu Dhabi Municipalities and Agriculture Department, the council said 2,500 violations regarding commercial fraud were reported between August 2004 and December last year.
The House recommended banning import of vehicles that do not comply with global safety conditions as well as counterfeit tyres and spare parts, which usually lead to fatal road accidents.
The Mena region’s fintech landscape is booming, with over 800 start-ups worth $15.5 billion
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