Mohammed bin Rashid Amends Financial Audit Authority Law in Dubai.

DUBAI: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has introduced Law No. (24) of 2024 amending provisions of the existing legislation concerning the Financial Audit Authority's establishment. This move updates specific articles of Law No. (4) of 2018 to enhance the Authority's governance and disciplinary mechanisms. According to Emirates News Agency, the amendments focus on Articles (34), (35), and (36), which involve the investigation of violations and the imposition of disciplinary measures on employees who contravene regulations. Article (34) empowers the Director-General of the Financial Audit Authority to manage misconduct by allowing actions such as suspensions, document confiscations, or dismissals of investigations when evidence is insufficient. In instances of confirmed criminal offenses, cases are to be referred to the Dubai Public Prosecution. Additionally, the law specifies conditions for travel bans and asset freezes, which can extend b eyond three months if necessary. A settlement is possible if misappropriated funds are recovered, allowing investigations to close without prosecution, though disciplinary actions may still follow. Article (35) assigns the Director-General the responsibility of evaluating if imposed disciplinary penalties align with the severity of violations. If penalties are deemed insufficient, the Authority can request stricter measures. Failure to comply leads cases to the Central Violations Committee, newly established under the amended law. This Committee, comprising three members selected by the Director-General, reviews compliance failures and senior officials' violations. It can uphold, modify, or nullify penalties based on presented evidence. Employees and senior officials retain the right to appeal decisions within 15 days through the Grievances Committee. The amended Article (36) introduces a permanent Grievances Committee within the Financial Audit Authority, appointed by the Director-General. This committee, including a chairperson, a CEO from a government entity, and representatives from the Authority and the Supreme Legislation Committee, addresses grievances related to penalties from the Central Violations Committee. The committee's chairperson outlines its procedures and authority, with its decisions being final, although judicial recourse remains an option for appellants. The new Law takes effect immediately upon issuance and will be published in the Official Gazette.