Speaking at a fraud prevention seminar held in Abu Dhabi on Tuesday, the GCC's assistant secretary-general for economic affairs, Mohammad Obaid Al Mazrouei revealed that Gulf Cooperation Council member states are pushing for unified anti-counterfeiting and fraud laws.
According to Gulf News, which reported on the seminar, he announced that:
"The GCC countries are in the process of creating a joint and unified law to fight commercial fraud and counterfeiting and the mechanisms are being put in place, but it will take a little time. Several rounds of discussions have taken place and we are now discussing the laws and by-laws."
He went on to add that although the level of fraud and counterfeiting has not yet reached alarming levels in GCC member states, pre-emptive action needs to be taken.
"The issue is not that big in the GCC but we need to fight it because we have open economies," he observed, according to Gulf News.
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