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Five Year Jail Term and AED1M Fine for Unlicensed Money Collection

  • Publish date: Thursday، 06 April 2023 Last update: since a day
Five Year Jail Term and AED1M Fine for Unlicensed Money Collection

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.

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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.

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