PHOTO
As part of its efforts to implement the cabinet decision on the rules to open and close bank accounts and broader banking operations, as well as to ensure optimal application by the relevant authorities in the UAE, the Ministry of Finance recently organised a virtual workshop with the UAE Central Bank, and banks within the country, on June 21 and 22.
The workshop, which was attended by several financial managers from 30 ministries and federal government entities in the UAE, elucidated banking procedures related to managing bank accounts for federal entities. These include operations related to the powers and limitations of signature and other procedures regulating banking procedures, in line with the Federal Decree-Law on Public Finance.
H.E. Mariam Al Amiri, Undersecretary Financial Management Sector, noted that the workshop aims to introduce important terms of the cabinet decision around the rules for opening and closing bank accounts and banking operations and the optimal manner to address issues.
H.E. said: “The Ministry of Finance continues to modernise the legislative structure, and strengthen the financial system in the country in accordance with the best international practices. The ministry also supports its strategic partners and relevant authorities across the country to ensure the successful implementation of relevant government decisions, in order to achieve the goals of the UAE vision 2021 - moves that will advance sustainable development in the country.”
Discussed at the workshop were the legal details and how to apply them. These include the definition of the powers of the minister and the ministry, the procedures for opening and closing bank accounts within the nation, the types of accounts allowed to open within the nation, the powers and limitations of signing banking transactions, as well as ways to open private bank accounts.
Additionally, the workshop clarified the steps in the event of cancellation or restructuring any of the federal ministries or entities, the concept of financial facilities, as well as bank reconciliations. Also presented at the workshop were the ministry's requirements regarding opening of bank accounts for federal authorities, along with other provisions related to the decision. The workshop concluded with a Q&A session to address all inquiries from the attendees.
-Ends-
For more information, please contact:
Mary Khamasmieh
Weber Shandwick
E: mkhamasmieh@webershandwick.com
Rawad Khattar
Weber Shandwick
E: RKhattar@webershandwick.com
Evita Karam
Weber Shandwick
E: EKaram@webershandwick.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
