Details of draft Financial Oversight Law

The Saudi Cabinet approved the draft Financial Oversight Law.

 Financial oversight refers to the policies, procedures, and mechanisms applied by the ministry to entities through the oversight methods stipulated in the law, without encroaching on the jurisdictions of other oversight bodies, according to the Official Gazette, Umm Al Qura.

The draft law consists of 29 articles and will come into effect 120 days after its publication in the Official Gazette. It replaces the Financial Representatives Law, issued by Royal Decree No. (M/85) dated March 8, 1961.

The law aims to enhance responsibility, integrity, and transparency, as well as regulate procedures related to financial oversight, in addition to achieving effective oversight and assisting entities in strengthening their internal control systems.

The law also seeks to strengthen oversight of procedures and operations with financial impact, in accordance with applicable laws, regulations, and instructions. It aims to organize and integrate roles between the ministry and oversight bodies.