Shaykh Mohammed has issued a new law imposing prison sentences of between 5 to 20 years for financial fraud - involving both public and private entities. Those convicted under the law can reduce their sentences by making full restitution. The law provides that while in prison, convicts will be allowed to conduct external communications necessary to retrieve funds.
The timing of the issuance of this law suggests senior level recognition of the extent of the problem with financial crimes.
Those who know their UAE history know this is not a new story. Two high powered Brits hired to give credibility to the DIFC were abruptly fired in 2004 because they questioned the letting of contracts for the construction of the "Gate".
As a side note, the Torygraph indirectly focuses on what is apparently not only a keen interest of the British press but also what would appear to be an interest of national importance for the country: "The centre is a key part of plans by the Maktoum brothers, the leading members of the Godolfin racing syndicate, to diversify the emirate's sources of income as its oil runs out. However, the sackings will raise serious questions about its credibility."
It's not immediately clear to me if the Torygraph is worried about the credibility of British racing or the DFSA.
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