Five Year Jail Term and AED1M Fine for Unlicensed Money Collection
- Publish date: Thursday، 06 April 2023 | Last update: since 3 days
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A five-year prison sentence and a fine of up to AED 1 million have been announced by the UAE for unlawful money collection. UAE Public Prosecution used social media to emphasize the consequences of illegal money collection.
Read More: 16 Fines Dubai Residents Should Be Aware
According to Article No. 41 of the Federal Decree-Law No. 34 of 2021 on Combating Rumors and Cybercrimes, sanctions will be imposed on every person who solicits participation in a competition, promotes a cryptocurrency, or establishes or oversees a fake company or portfolio to collect money from people for the intention of investment, management, use, or development without first obtaining a license from the relevant authorities.
A maximum period of five years will pass during the sentence of imprisonment. Additionally, the offender may be subject to a penalty of between Dh250,000 and Dh1 million. The individual must also repay the money they obtained illegally.
#law #legal_culture #PublicProsecution #SafeSociety #UAE #ppuae pic.twitter.com/jVk4stvhJB
— النيابة العامة (@UAE_PP) April 5, 2023