FINANCIAL CYBERCRIME IN THE UNITED ARAB EMIRATES: AN ANALYTICAL ASSESSMENT OF LEGAL AND REGULATORY FRAMEWORKS

Abstract

The legal and regulatory frameworks regarding financial cybercrime in the UAE have seen significant legislative advancements, including Federal Decree-Law No. 20 of 2018, Federal Law No. 14 of 2018, and Federal Decree-Law No. 34 of 2021. These frameworks underscore the UAE's commitment to combating financial cybercrime and safeguarding its financial system. However, the evolving nature of cyber threats, jurisdictional complexities, inconsistent enforcement across financial sectors, and low public awareness present ongoing challenges. Despite the problems, this perspective, "Financial Cybercrime in the United Arab Emirates: An Analytical Assessment of Legal and Regulatory Frameworks," remains under-explored; hence, this study fills the gap. Given the above, this study by examines the effectiveness of UAE financial cybercrime laws, identifying key regulatory gaps, enforcement deficiencies, and underreporting issues. It employs a qualitative doctrinal approach, utilizing secondary sources such as law reports, academic articles, and books from high-ranking journals, with all data analyzed thematically. Additionally, general deterrence theory was applied to guide the analysis of the data explored in this study. Consequently, the findings indicate that the dynamic nature of cybercrime requires more adaptive regulatory frameworks, inconsistencies in enforcement create vulnerabilities in fintech and cryptocurrency platforms, and cyber literacy challenges hinder the full implementation of FATF recommendations. To address these gaps, the study suggests enhancing cross-border cooperation, improving enforcement mechanisms, increasing public awareness, and strengthening reporting frameworks. The study contributes valuable insights for policymakers, legal experts, and academics in law, security, and international studies, providing a basis for further research and policy enhancement.