Published On: Tue, Oct 21st, 2014

Central Bank’s Board holds sixth meeting

Central Bank's Board holds sixth meeting

Central Bank’s Board holds sixth meeting

The Board of Directors of Central Bank of the UAE held its 6th meeting for 2014 on Tuesday, 21 October 2014, in Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board.

The Board took note and discussed a report on the latest developments regarding the execution phase of IT Division Strategy Development Project. The Board also discussed a memorandum regarding the new banking draft law and addressed a clarification concerning conducted benchmarking with what is implemented in major central banks throughout the world. The Board emphasized the importance of the new banking draft law that has been redrafted and updated and instructed to take necessary action to complete the development of all provisions of the law in conformity with international best practices in this regard.

The Board reviewed a memorandum submitted by the Governor on the amendment of some provisions of the Federal Law No. (4) of 2002 regarding the criminalization of money laundering and its name to become “Federal Law No. ( ) of 2014 regarding anti-money laundering and combating financing terrorism”. The Board instructed to take necessary action to finalize the development of the provisions of the new law. Then, the Board reviewed a memorandum submitted by the Governor on the core system of Emirates Institute for Banking and Financial Studies. The Board discussed amendments proposed by the Institute and expressed its opinion regarding provisions open for discussion as far as all legal and technical aspects are concerned and instructed to take necessary action.

The Board reviewed as well a study regarding the works of non-bank financial institutions.

Subsequently, the Board instructed the follow-up of the execution in order to finalize work during the period proposed by the Company.

The Board also reviewed a memorandum regarding minting a commemorative Dirham on the occasion of the anniversary of the appointment of HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoom as Crown Prince of Dubai. The Board instructed taking necessary action to proceed with execution.

In addition, the Board also reviewed a report on the financial and administrative status of banks and other financial institutions.

The Board reviewed the Finance & Accounting Manual and reformed the Board committees.

The Board reviewed the Internal Audit Department Report (June 2014) and instructed to take into consideration observations made by the Department and set a schedule for the execution of such observations, and also reviewed the Audited Quarterly Financial by the external auditor.

Subsequently, the Board completed the discussion of the remaining topics listed on its agenda as well as other emerging topics and made appropriate decisions in this regard.

Before the meeting, an honorary ceremony was held to honor Sultan Bin Nasser Al Suwaidi, the Ex-Governor. At the beginning of the ceremony, Chairman of the Board delivered a speech wishing the Ex-Governor all success in his future tasks and thanking him for and appreciating the outstanding and tremendous efforts he exerted in order to enable the Central Bank to achieve this current level of advancement.

Source : WAM News Agency for United Arab Emirates

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