Cyber fraud is the single biggest fraud risk facing governments and businesses in the UAE. The increasing use of digital platforms including cyptocurrencies raises the possibility of scams, the president of a global anti-fraud body said.
"With every new digital invention that comes about… the rise of Internet of Things, blockchain, virtual currencies and how they are traded and becoming more commonplace… when you have so many different avenues for someone to spin money, you have even more opportunities for corruption and fraud," Bruce Dorris, the US-based president and chief executive of the Association of Certified Fraud Examiners (ACFE) told The National on Sunday.
Public scepticism of cryptocurrencies has mounted this year, with the World Bank’s group president Jim Yong Kim comparing them to illegitimate “ponzi schemes”, and the UAE’s capital markets regulator warning investors of over the risks of investing in them, citing high volatility, lack of regulation and misleading offers.
The share price of one of the world’s biggest cryptocurrencies, Bitcoin, reached a three-month low of $6,000 earlier this month but has since recovered by at least 85 per cent, sparking fears of a bubble. The first licence to trade cryptocurrencies in the Middle East was issued in February to Regal RA DMCC, Dubai Multi Commodities Centre-registered gold investment and trading firm, however, the sector remains unregulated.
There is a need for the GCC governments to act quickly to regulate the cryptocurrency industry in order to minimise the risk of investors' exposure to fraud. It's "critical" to have the regulations in place and proper enforcement should follow, he said on the sidelines of the ACFE’s fraud conference in Abu Dhabi.
“When you’ve got swings in market value you’re going to allow for the build-up that enables many Ponzi schemes to start," he noted. “Does it mean that by having regulations, the ability for someone to commit fraud in any area goes away? No, but it does help us to be able to rein in [such activity]. Regulation is just the start.”
Mr Dorris, a lawyer and certified accountant, is a former assistant district attorney in Shreveport, Louisiana, where he founded and directed the local authority’s Financial Crimes Screening Section. He was previously a non-executive director of the US National White Collar Crime Center, and vice-chairman of its Audit Committee.
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Read more:
World's first digital currency 'cold storage' vault launches in Dubai
Consumers wary of using cryptocurrencies to buy real estate – survey
Abu Dhabi Securities Exchange signs agreement with Swift and other parties to adopt blockchain technology
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His comments came as the Abu Dhabi Accountability Authority (ADAA), an independent body set up in 2008 to oversee accountability across the government bodies in the emirate, announced ACFE certification of its educational arm, the ADAA Knowledge Center, on Sunday.
The centre will now be able to run CFE-accredited courses on fraud identification and ethical business practices for more than 300 Abu Dhabi public entities.
“This recognition underpins our decade-long effort to encourage the adoption of ethical business practices and transparency within the UAE’s public sector,” Hamad Al Suwaidi, chairman of ADAA, earlier told the ACFE conference.
“To address the window of opportunity to perpetuate fraud, we will strive to recommend to those charged with governance the design and implementation of preventive, directive, corrective and predictive controls,” he said of ADAA's efforts to help strengthen the UAE’s anti-fraud laws.
The UAE, the second-biggest Arabian Gulf economy, was ranked 21st out of 180 countries in Transparency International’s latest annual Corruption Perceptions Index, published last week. It is the highest rank among the Middle East and North African nations and up from 24th place in 2016.
It is not "good enough”, Mr Al Suwaidi said of the UAE's 21st position on the index. “We aim to progress our efforts to boost transparency and efficiency in government…and come up with lasting solutions to address fraud and corruption challenges.”
The UAE is also gearing up to undergo assessment by the Financial Action Task Force, a global inter-governmental body set up in 1989 to develop and uphold policies to combat money laundering and terrorist financing.
Saudi Arabia’s year-long review was scheduled to begin in October 2017, and the UAE’s in June 2019. Although both countries received satisfactory status in their last reviews in 2010 and 2008, the methodology was tightened up in 2013 with additional requirements to assess how regulations are enforced.
THE SPECS
GMC Sierra Denali 1500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp
Torque: 623Nm
Price: Dh232,500
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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COMPANY%20PROFILE%20
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
UAE currency: the story behind the money in your pockets
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
SPECS
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MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
BABYLON
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New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
Company%C2%A0profile
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BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
