The new law, which will be drawn up by the State Audit Bureau, would fulfill the UAE's commitment to the United Nations Convention against Corruption, which it signed in 2003.
The UAE has ambitions to improve transparency and governance while increasing its role as a center for international business. The UAE has proposed a new company law that will pave the way for a reduction in restrictions on foreign company ownership, while international businesses now have the option to elect the English-speaking Dubai International Financial Centre Courts to resolve disputes.
Bureau chair Hareb bin Saeed Al Amimi released a statement. "This law will greatly support the UAE's efforts to fight corruption and related offences, protect public funds and better utilize national resources for comprehensive development."
Image courtesy of Dubai Tourism