The string new legislation includes the netting law, public debt law and central bank law.
The Board of Directors of the UAE Banks Federation (UBF) welcomed a series of new laws issued recently by the government and said they would help boost the competitiveness of the economy while positively impacting the banking sector.
The string new legislations, some which were issued in October, include the netting law, public debt law, anti money laundering law, and central bank law, as well as risk management and internal audit and control and dormant accounts regulations.
Chaired by AbdulAziz Al Ghurair, Chairman of the UBF, the BoD commended the recent laws and regulations, and highlighted the positive impact the new laws would have on the banking and financial sector as well as the national economy.
“The BoD expressed comfort with the robust performance of the banking sector as reflected in the strong key financial indicators supported by economy growth,” a state by the UBF said. The anti-money laundering law is aimed at combating terrorism financing while the foreign investment law seeks to treat foreign companies as it does local companies.
The AML law contributes to raising the…
