Monday 13 July 2020 - 10:29:39 am

MoF organises workshop on rules in banking operations


DUBAI, 22nd June, 2020 (WAM) -- The Ministry of Finance, MoF, recently organised a virtual workshop with the UAE Central Bank, and banks within the country, to explain 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.

The two-day workshop was organised as part of the ministry's 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. It was attended by several financial managers from 30 ministries and federal government entities in the UAE.

"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, to achieve the goals of the UAE vision 2021 - moves that will advance sustainable development in the country," stated Mariam Al Amiri, Under-Secretary Financial Management Sector.

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, the types of accounts allowed to open, 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 the opening of bank accounts for federal authorities, along with other provisions.

WAM/Esraa Ismail/MOHD AAMIR