Picture for illustrative purposes only. EXPAT MEDIA

UAE: Up to Dh1 million fine for illegal money collection, says Public Prosecution

Illegal collection of money through various unlicensed activities in the UAE carries a tough punishment of jail time and a fine of up to Dh1 million, according to the UAE Public Prosecution. Under the Federal Decree Law, violators are “whoever invites or promotes for a competition or a cryptocurrency or whoever creates or manages a fake company or portfolio in order to receive or collect money from the public for the purpose of the investment, management, utilization, or development thereof, without being licensed by the concerned authorities.” The punishment is jail time of up to five years, and a fine of between Dh250,000 and Dh1 million. The court will also require the violator to return the illegally acquired money. ICA/Expat Media
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