Skip to content Skip to Search
Skip navigation

UAE’s new federal authority to combat financial corruption

Accessories, Glasses, Adult REUTERS/Sputnik
The new entity replaces the supreme audit institution following a decree issued by President Sheikh Mohamed bin Zayed Al Nahyan

The UAE has established a federal accountability authority that will set up a supreme policy to combat financial and administrative corruption.

The new entity replaces the supreme audit institution, after a decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, the UAE’s state-owned Wam news agency reported.

The authority’s functions include reviewing and auditing the consolidated annual report of the federal government, and auditing separate and combined annual financial statements in government-owned entities.

Responsibilities also include assessing the efficiency and effectiveness of internal control systems for financial and operational operations, setting the supreme policies on integrity, and combating financial and administrative corruption.

The authority will be empowered to review and undertake administrative investigation into complaints and reports regarding any misappropriation of funds and assets, misuse of authority and exploitation of public office for personal gain or benefit to third parties.

It will implement preventive measures and controls for administrative investigations and financial disclosures, and identify strong mechanisms to protect whistle-blowers and witnesses.

The authority will have the right to impose a disciplinary penalty on any violating employees, the report said.

Latest articles

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]