The Council of Ministers approves the issuance of a federal law on financial leasing

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The Cabinet approved the issuance of a federal law on financial leasing with the aim of expanding the basis of financing and lending in the country through financial leasing operations.

Emphasis on the principle of freedom of contract in order to ensure flexibility when concluding financial leases, and to achieve an ideal balance of rights and obligations for the parties to the financial lease (the lessee, the lessor and the supplier / contractor). .

Explanation of the relationship between this law and the law on the guarantee of rights in movable funds. The law also included the central bank’s responsibility to regulate, regulate and supervise the financial leasing activity that is subject to regulation by banks and companies. to keep in force in accordance with the law in the country.

Organization of economic register procedures

The Council approved the executive regulations of the Federal Trade Register Act, which ensures the provision of a comprehensive national economic database on economic activities and links with all licensing authorities in the country, including free zones, Updating the commercial register data with the competent authority with the economic register.

According to which all data from the commercial register are simultaneously and immediately reflected in the economic register and any change or modification to that data takes place in a way that supports the ease of doing business in the country and supports the ease of linking federal and local government services . with the economic register.

commercial companies

The Council of Ministers also approved the issuance of a number of decisions regarding the activation of the Trading Companies Act regarding the control measures to motivate them to assume their social responsibilities, in a way that has the positive impact of all commercial companies contributing to the society delivers in a way that increases their social responsibility, and has issued a decision regarding limited liability companies that include procedures for establishing a company Single person with limited liability, related parties for these companies, and the main provisions that regulate the establishment of these companies.

Organizing donations

The Council also approved the executive regulations of the federal law regarding the regulation of donations, which include provisions for the controls for regulating the collection and presentation of donations within and outside the country, in a manner that counteracts efforts to launder money. work and combating the financing of terrorism and the financing of illegal organizations to those who are entitled to it.

environmental safety

Cabinet also approved the executive regulations of the Federal Act on the Biosafety of Genetically Modified Organisms and Their Products, which include the most important general provisions for regulating the import, transit and circulation of genetically modified organisms or their products, and the conditions and controls for their export or re-export.

The regulation aims to improve the biosecurity and environmental security system in the country, in a way that contributes to increasing the level of health, human safety and the environment, and promoting entrepreneurship and economic investment in topics that related to the uses of modern biotechnology in the country, and in a way that directly supports the status and competitiveness of the country in the import trade and re-export of organisms Genetically modified organisms and their products.

Collection of Federal Government Revenue The Council has approved the system for the collection of federal government revenue by commercial banks operating in the country, which defines the guidelines, rules and standards governing the process of revenue collection in the federal government, and is subject to the provisions of the Federal law in the matter of public finances.

The Ministry of Finance has developed this system, to become the reference document for the mechanism of collecting federal government revenue, and focuses on involving all relevant stakeholders and participants in the process of raising federal government revenue, and thus efforts to upgrade, improve financial system.

Regulatory Affairs

The Board approved the addition of members to the Supreme Committee on Free Trade Negotiations and the National Negotiation Team for Free Trade Negotiations, and the amendment of the statutes of the Emirates Post Group Company was approved by the Ministry of Justice on Family Counseling.

Regional and international agreements

In international relations, the Council has approved an agreement with the Republic of the Philippines for the encouragement and mutual protection of investments, and an agreement with the State of Israel regarding the comprehensive economic partnership.

The Council adopted a resolution approving the link between UAE commercial banks and the Afaq payment system.

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