Crime is no more an exclusive of criminally motivated elements, the development in science and technology has paved a way for white-collar people to be criminals intentionally or by ignorance. It is an established principle of jurisprudence recognised throughout the world that ignorance of law is not an excuse. The traditional crimes have comparatively come down by the exposure of civilizations and the science and technology has equally contributed to prevent the crime in social parlance. In the meantime, new form of criminality emerged within the white-collar community which has no precedent in the history.
Corporate crime has major impact in the business and development of every sector, Financial Crime, corporate fraud and cyber crimes are the major corporate crimes committed by the corporate entities or individuals. Money laundering and corruption is another threat to sovereign states while controlling the corporate world. Therefore, the states are more vigilant against the violators of Anti-Bribery and Corruption (ABC) and Anti Money Laundering (AML) Legislations. Regulators and enforcement agencies are also now cooperating and sharing intelligence more with each other, in a system known as mutual legal assistance, the countries are becoming more willing to work together to prosecute companies for financial crime. Bilateral agreements between the countries expanded the way for the smooth detection of corporate criminals. As a flag bearer against the corporate and financial crimes, the UAE has smooth bilateral agreements with foreign countries to prosecute the financial crime in the region.
Criminal Breach of trust and fleeing with financial liability has very wide connotations, the proper reading of law may presupposes the breach of trust, cheating, check fraud, inordinate delay and later fleeing from the financial liability, All coming under the ambit of Corporate and financial crime. The UAE has strong Laws to prosecute the criminals and get the money with compensation howsoever high he is, because it is a country of rule of law. But it requires proper follow-up and constructive action by choosing the right Lawyers.
It is relevant to highlight here that rarely the innocent corporate professionals may be trapped to the prosecution on the bases of assumptions and presumptions. The proper defence through efficient lawyers may help to prove the innocence.
Author is a Lawyer and Associate with Mohamed Aleghfeli Advocates & Legal Consultants, Dubai http://www.maadv.ae/with rich experience, can be reached +971-509663042