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New FAA framework hands director general more authority, disciplinary penalties for minor offenses: Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum amended the law regulating the Financial Audit Authority (FAA) in Dubai to strengthen oversight and accountability, according to a statement.
What’s new? The revised law grants the director general the authority to suspend employees under investigation and reserve relevant documents, as well as close cases involving minor criminal offenses and impose disciplinary penalties instead of referring them to the Public Prosecution. Guidelines for closing such investigations will be set by the head of the FAA.
The FAA will set up a Grievances Committee to handle appeals against decisions made by the Central Violations Committee. The committee will comprise a chairperson, a CEO from a government entity, and representatives from the FAA and the supreme legislation committee.
The new regs stipulate that travel bans and asset freezes may be imposed for up to three months, to be extended if deemed necessary. Individuals can file appeals against the restrictions after the initial period concludes.
