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Mohammed issues decree to set up Dubai Financial Control Department

posted on 21/02/2007: 798 views

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued decree no. 3 of 2007, setting up Dubai Financial Control Department. The 32-article decree outlines the duties and prerogatives of the new department, which would be annexed to the Ruler's office.

According to the decree, a director general shall be appointed for the department by virtue of an Emiri decree to be issued by the Ruler. The director general shall see to the technical and administrative supervision of the department, draw up its organisational structure and determine the prerogatives of the various administrative units of the department.

The new department shall monitor the financial activities of government departments, institutions and companies in which the government holds, at least, 25% stake of the capital, as well as bodies that the government provides for them financial assistance and any other bodies that the Ruler or the chairman of the Dubai Executive Council would issue directives for monitoring of their financial activities.

The new law, which abrogates Law no. 1 of 1995 dealing with the establishment of Dubai's Financial Review Department, takes effect from the date of its issuance - January 25, 2007 - and is to be published in the official gazette. (Emirates News Agency, WAM)


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