The Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, approved the issuance of a federal decree by law amending some provisions of the Federal Law on Commercial Transactions, as part of the continuous efforts made by the UAE government to enhance the competitiveness of the national economy from By continuing to develop the legislative environment and legal frameworks regulating the commercial and economic sectors, in order to consolidate the country’s position as a leading regional and international center for business that embraces major international companies and institutions, and realizing the UAE vision aimed at developing an innovation-based future economy.
The most important amendments to the law include amending the provision for bounced checks or issuing checks without balance stipulated in the penal code, by providing advanced and fast civil mechanisms to collect their value.
The amendments required by the decree, which will be enforced with effect from the beginning of 2022, summarize the judicial procedures for civil claims for the value of the check, and the provision on the joint account has been amended to provide a mechanism to preserve the share of a joint account holder and his heirs upon his death or loss of legal capacity.
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