FNC Financial Affairs Committee discusses draft federal law

The Federal National Council, FNC, Financial, Economic and Industrial Affairs Committee, has begun discussions on the 20 articles of a draft law on certificates of origin, during its meeting today at the headquarters of the FNC General Secretariat in Dubai, which was led by Majid Hamad Al Shamsi, Chairman of the Committee.

The meeting was also attended by Dr. Saeed Abdullah Al Mutawa, as well as Dr. Mohammed Abdullah Al Mehrazi, Ahmed Yussuf Al Nuaimi, Abdul Aziz Abdullah Al Zaabi and Saeed Omir Yussuf.

Al Shamsi said that the committee reviewed the technical papers related to the draft law, and discussed a list of authorities they will meet with, so they might listen to their representatives and exchange opinions on the articles of the law, with the aim of regulating the rules and procedures of issuing certificates of origin in the UAE, as well as identifying the authorities that will render these certificates and determine how to verify their validity and their regulation.

According to the explanatory note on the draft federal law, it will include seven chapters that comprise 20 articles. The articles cover the definitions of certain terms on how to identify and verify the origin of certificates, as well as on how to regulate their validity and appeal administrative penalties.

Al Shamsi added that the committee members also reviewed a draft law on financial leasing, after discussing it with the representatives of the relevant authorities during a previous meeting.

He went on to say that the requirements of financial needs to be regulated through specific legislation seeks to achieve the desired success, especially as the general legal system does not have enough laws to monitor financial leasing activities. He also stressed that this system has new tax, customs and accounting requirements, and there are no rules to regulate them under the general legal system.