His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has issued Law No. (24) of 2024, introducing key amendments to the Financial Audit Authority’s framework.
These updates, which modify provisions of Law No. (4) of 2018, focus on tightening oversight, ensuring disciplinary accountability, and formalizing grievance processes within the Authority.
Key changes in the law involve Articles (34), (35), and (36), introducing new provisions for investigating violations, imposing penalties, and establishing a grievance committee. Under the amended Article (34), the Director-General of the Financial Audit Authority is empowered to address employee misconduct through disciplinary measures, including suspensions and document confiscations, with provisions for dismissal if violations are minor. In cases of criminal misconduct, matters are escalated to Dubai Public Prosecution, with potential travel bans and asset freezes. Additionally, a settlement may be reached if misappropriated funds and related profits are recovered, thus avoiding prosecution while still permitting disciplinary action.
Amended Article (35) enhances the Director-General’s discretion in enforcing penalties. A Central Violations Committee, composed of three members, will be established to assess cases where entities fail to comply with penalty adjustments. This committee will have the authority to uphold, escalate, or nullify disciplinary measures based on evidence.
Article (36) mandates a Grievances Committee within the Authority to address appeals on disciplinary actions. This independent body, led by a chairperson and appointed by the Authority’s Director-General, provides a final administrative recourse, though appellants may seek judicial appeal.
The new law takes effect immediately and will be published in the Official Gazette, underscoring Dubai’s commitment to transparent governance and accountability within its institutions.
News Source: Emirates News Agency
