UAE Public Prosecution has warned the public of the consequences of embezzling movable properties that have been mortgaged to secure a debt.
The UAE Public Prosecution explained the penalties listed in Article 455 of Federal Decree-Law No. 31 of 2021 concerning the UAE Penal Code in a video posted on its social media channels.
The article states: “Whoever embezzles or attempts to embezzle a moveable property which had been pledged as a security for a debt that is payable by such person or another person shall be sentenced to imprisonment for a duration of not more than two years or fined a monetary penalty of not less than Dh20,000. The same penalty shall be applied against the owner who is appointed as a guardian of the judicially or administratively attached moveable properties thereof if such owner embezzles something therefrom.”
A new UAE penal code – Federal Decree-Law No. 31 of 2021 – was announced last year, as a part of legislative reforms in celebration of the UAE’s 50th anniversary.
As part of its efforts to increase public awareness of the UAE’s laws, the UAE Public Prosecution posted the video on February 2.
