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Banking And Finance
Money and banking issues
Economic activity throughout history has gone through several fundamental stages, the first of which was the stage of self-sufficiency, where the family or tribe produced what it consumed, then man developed into the stage of mutual economy or known as barter, where excess products are exchanged for consumption to satisfy greater needs or obtain services that he cannot implement himself, and finally economic activity gradually turned into the stage of, With the economic growth and the growing volume of wealth and money, as the products were growing in the era of barter, with it came the urgent need for institutions and companies to manage these operations on behalf of individuals or owners of money and wealth, whether by exchanging them for goods or services (buying and selling operations ) or other forms of trading or saving and investing them, hence banks emerged as one of the most important economic institutions in the UAE and the whole world in terms of their vital role in supporting and promoting economic growth and providing banking services as a whole to individuals, institutions and companies, and therefore there was an urgent need for legal regulation of the work of these institutions and companies, And the organization of its operations and their relationship with each other and their relationship with governments and individuals and other institutions, because of its impact if it is not well managed or regulated to have negative or disastrous effects on the national economy or the individual economy, and also to ensure the smooth functioning of banking operations without disruption or corruption, the UAE legislator has paid great attention to regulating this type of business and activities, with the help of legal experts, and Banking And Finance legal advisor in Abu Dhabi UAE , he is considered a strong fortress to ensure the proper application of legal systems and defend the rights and interests of individuals and institutions dealing with banks and financial institutions or between banks each other.
The importance of a specialized lawyer is highlighted, as banks, by the nature of their rapid and continuous activity, face legal and regulatory challenges in terms of their adaptation to local legislation or international treaties regulating the work of banks and multinational financial institutions. therefore, banks must use specialized lawyers. a specialized lawyer provides many important legal services, such as providing legal advice, judicial representation, dispute resolution and negotiation between clients and banks. lawyers specializing in banking cases work to follow all laws and regulations related to banks and financial services to ensure compliance by clients and banks.
The UAE legislator has regulated banking operations in federal law No. 18 of 1993 in the third book entitled banking operations , amended by Law No. 50 of 2022 and in force from the first of January of 2023 , as well as some laws related to banking and banking institutions, such as Law No. 18 of 1981 on the organization of commercial agencies, Law No. 5 of 1985 on Civil Transactions, Law No. 17 of 2004 on combating commercial concealment, and many other laws related to the activities of banks and their operation in particular, the Penal Code, given the great importance of banks in the local and global economic life , Whether at the level of individuals, companies and institutions, even governments are represented in central banks and their supervisory and regulatory authorities, which will be difficult to address all aspects and elements of their organization, supervision and control.
Since banking institutions are considered the focus of the economic process in any society as they constitute a repository of its savings and an intermediary in financing and investment operations, no economy can develop without them, but these institutions and the specificity of their activity are constantly exposed to multiple cases of fraud and piracy for their various activities, which posed a continuous challenge to them working to develop means and techniques to prevent and address its effects.
With the expansion of the use of electronic technologies by banking institutions in providing their services to their customers, this was accompanied by an increase in fraud cases related to electronic banking and Information Security, which prompted the international bodies concerned with banking to increase attention to the development of procedures and instructions including means and ways to face the risks of bank fraud in all its forms and protect banking institutions from the risk of.
Hence, there is an urgent need for the presence of lawyers specializing in banking issues in the UAE with great experience in the field of financial and banking law, and an accurate knowledge of the laws and regulations related to banks and financial services, which helps them provide the necessary legal advice to clients and banks and ensure that they receive the necessary legal protection, and this is what we provide in our company the black robe for legal consultancy and debt collection.
Where the specialized lawyer faces many photos of cases related to banking, which we discuss here some of these photos to identify them and their most prominent features
First: bank fraud cases:
This picture of cases is considered one of the common issues that a specialized lawyer addresses due to the amazing development in the means of exchanging data, information and technology in general, which includes several forms of bank fraud, considering that financial fraud does not distinguish between a natural person and a legal person. Financial fraud is defined as any practice that involves the use of deception to obtain directly or indirectly some form of financial benefit for the perpetrator of the crime, or facilitate it for others to lead to some form of loss for the party who was subjected to fraud
Fraud does not have to be limited to monetary and material benefits. The definition of fraud in the references is “deliberate distortion of the truth to entice someone to give up something of value or a legal right”. This definition includes financial gain along with other benefits such as the right to access or obtain information that can be gained by deception or any other dishonest behavior, and whether the loss is material or related to something intangible, such as literary property rights, fraud often involves the loss of a natural or legal person.
The types of enterprise-level banking fraud can be grouped into several examples of enterprise-level banking fraud, among which are, but are not limited to:
1-embezzlement of cash and other valuable assets.
2-falsification or misrepresentation of documents including employment applications, invoices, checks, certificates of eligibility or qualification, identity documents, ATM cards or credit cards.
3-forgery of signatures and seals.
4 – counterfeiting banknotes.
5-change one or all the corners of the components of the check.
6-entering incorrect instructions and data through the computer.
7-misuse of information and leaking it in illegal ways.
8-transfer funds to fictitious customers, employees or sellers.
9-accepting bribes, gifts or secret commissions to grant a contract or loan, ignoring the actions taken and cases of non-compliance, or as a motive to provide benefits, including access to confidential information.
- fraudulently obtaining benefits or documents that the recipient is not entitled to receive.
Types of financial fraud at the individual level:
1-impersonating a bank employee, requesting updating bank data and personal information by phone.
2-announcements on the repayment of debts and grants of financing for projects issued by non-regulated entities and individuals who are not authorized to practice banking business in accordance with the banking supervision system.
3-shopping through suspicious, fraudulent and information insecure websites.
4-anonymous requests to pay bills and service fees from the bank account.
5-text and electronic messages claiming to win prizes in kind or cash.
6-voyeurism, theft and misuse of bank information, especially bank and credit card information.
7-fake job and employment offers at banks and financial institutions.
8-offers of cars and luxury assets at cheap prices and much less than their real value.
Second: tax issues and fines:
Banks incur a lot of fees and taxes, which requires a thorough understanding of tax legislation, auditing accounts and examining the reasons for signing fines.
Third: criminal cases:
As some banks may face serious issues, such as the issue of terrorist financing and money laundering cases, expert and specialized lawyers must represent them.
The UAE is one of the most important financial centers in the world and includes many major banks operating in the banking and financial sector. These banks follow the strict legislation and regulations that have been established by the official authorities in the UAE, so when looking for a Banking And Finance legal advisor Abu Dhabi UAE, you should pay attention to several important factors and elements that must be available in a lawyer or a company that provides legal services such as our company
1-the lawyer’s experience in banking and financial services cases and the extent of his understanding of the laws and regulations related to these services, as well as the extent of his experience in understanding and familiarity with accounting and banking controls and standards, and this is what our company provides, as it has lawyers who are fully familiar with the basics of Banking Accounting, Financial Statements and controls.
2-attention to the fact that the lawyer is able to deal with bank cases and succeed in resolving disputes in a proper way and helping clients obtain the necessary legal rights or settle them properly, moreover, the lawyer must have the necessary skills to negotiate between clients and banks in case of disputes and solve problems in a satisfactory way for all parties.