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10 Feb 2013

NEW LAW ON ANTI-COMMERCIAL FRAUD TO BE PASSED IN UAE

The draft law has been approved by the Cabinet and with it now being in the final stages of the legislative process, it is expected to come into force within a few months.

The draft law compliments the existing enforcement mechanisms in respect of intellectual property rights under the Trademarks Law, Copyright Law and Industrial Property (Patents, Design and know-how) Law. Unlike the current law concerning the Suppression of Fraud and Deception in Commercial Transactions, the draft law
carries hefty penalties where it penalizes acts of fraud, counterfeiting, cheating in transactions and false advertisement, with fines reaching up to 1 Million Dirhams and imprisonment of up to two years.