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Federal National Council approves law on commercial fraud
All companies operating in the UAE's free zones were asked to strictly abide by the laws and regulations of different entities and their operations and businesses.
The Federal National Council on Tuesday, after a long debate, approved a long-awaited law aimed at combating commercial fraud. The bill was approved after minor amendments and introduction of new clauses.
Chaired by Speaker Mohammed Ahmed Al Murr, the session was also attended by Minister of Economy Sultan Al Mansouri to answer members’ questions.
The minister told the house the draft law is an important instrument in combating frauds and embezzlements and help protect the country’s economy. The draft law will be referred to the Federal Cabinet for its approval and then finally sent for Presidential ascent for implementation.
“Under the law after its implementation, there will be a mechanism for the control of companies operating in the three free zones. It will also help reduce the costs involved in importing manpower,” the minister said.
Members raised four questions to the minister asking him to introduce further stringent laws to help protect the country’s economy.
Member Marwan bin Ghalaita during the question hour said all those companies operating in the free zones of the country should strictly abide by the laws and regulations of different entities and their operations and businesses. “They must abide by the labour laws of the country and be transparent when signing agreements for the import of manpower,” he added.
Earlier, the session began with the members, the minister and the FNC Secretariat staff paying rich tribute to the Emirati officer, Tareq Mohammed Al Sabi Al Shehi, who gave his life in a bomb attack in Bharain.
In his tribute on behalf of the house, Al Murr said Al Shehi died a martyr and will always be in the hearts and minds of all the citizens of both UAE and Bahrain.
“We pray God may keep his soul in eternal peace, and God may give the courage to his family members and friends to bear the loss of such a great and daring officer,” said Al Murr.
He denounced the Bahrain tragic incident as a heinous crime against humanity and said the council condemned this.
The Speaker further congratulated the Government for the successful visa tie-up with EU countries, exempting Emiratis visa upon arrival in Schengen countries. He also thanked and praised the European parliament for approving visa exemption for the UAE citizens.
“This decision will have a positive impact on the trade and bilateral relations between the UAE and EU member states. It will also allow the travel freedom by the people in EU and UAE. This will further help boost the economies of EU states and the UAE,” said Al Murr.
nissar@khaleejtimes.com
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