Jul 26 2010 |
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Saudi Arabia: Lawyer calls for independent agency to fight commercial fraud
JEDDAH: Saudi lawyer Khaled Al-Nowaiser has called for the creation of an independent agency for coordinating the efforts of all concerned authorities and entities that are fighting the growing problem of commercial fraud in the Kingdom.Al-Nowaiser estimates that commercial fraud affects more than 3,000 people and creates economic losses of more than SR41 billion each year.
Al-Nowaiser asserts that such an independent and separately budgeted agency could coordinate all of the current efforts of the many concerned entities in the Kingdom and bring order to the scattered and disorganized system that now exists. Such an agency could wield the necessary authority and power to combat the massive deluge of false commodities and materials that harm Saudi citizens and the Kingdom's economy.
He said the current system of fighting commercial fraud is wholly ineffective in light of daily evidence of counterfeit products being dumped in the Saudi market from sources outside the Kingdom. He maintains that only an independent agency can protect Saudi citizens and businesses from this global epidemic.
The current law states that a fine or imprisonment is the penalty against anyone who is in violation of its provisions.
Al-Nowaiser called for penalties that include fines and imprisonment if the fraud is found to be committed intentionally, and that violators should be barred from doing business in Saudi Arabia for several years.
© Arab News 2010
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