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UAE central bank board holds meeting [Khaleej Times (United Arab Emirates)](Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) The board took note and discussed a report on the latest developments regarding the execution phase of IT Division Strategy Development Project. Abu Dhabi: The board of directors of the Central Bank of the UAE held its sixth meeting for 2014 on Tuesday in Abu Dhabi, presided by board chairman Khalifa Mohammed Al Kindi. 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 emphasised 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 criminalisation of money laundering. The board instructed to take necessary action to finalise the development of the provisions of the new law. 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 also reviewed a study regarding the works of non-bank financial institutions. Subsequently, it instructed the follow-up of the execution in order to finalise work during the period proposed by the firm. The board also reviewed a memorandum regarding minting a commemorative dirham on the occasion of the anniversary of the appointment of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum as Crown Prince of Dubai. The board instructed taking necessary action to proceed with the execution. (c) 2014 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |