SaudiUpdated Yesterday

Cabinet approves oversight rules for government-entity endowment accounts

The Cabinet approved financial oversight rules for endowment accounts overseen or managed by government entities, Okaz reports. The rules aim to protect endowment funds and property, strengthen governance, transparency and integrity, ensure donations comply with endowers’ conditions, and support financial sustainability. Entities have one year from the decision to align their arrangements; the Minister of Finance may grant a one-year extension. Requirements include separating endowment accounts from government-entity accounts, budgeting and financial reporting, investment and procurement controls, and conflict-of-interest safeguards. The framework also provides for independent audit committees where required and controls addressing money-laundering and terrorist-financing risks. Donations must be used for their stated purposes and conditions, and endowment assets may not be disposed of without the required regulatory approvals.

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