Definitions stipulated in the aforementioned Cabinet Resolution No. (10) of 2019 shall be applied. Otherwise, the following terms and expressions shall be accorded their designated meanings, unless the context otherwise requires:

Ministry: Ministry of Justce or Ministry of Economy, as the case may be.

Minister: Minister of Justice or Minister of Economy, as the case may be.

Federal Decree-Law: Federal Decree-Law No. (20) of 2018, On Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, and its amendments.

Executive Regulations: Cabinet Resolution No. (10) of 2019 Concerning the Executive Regulations of Federal Decree-Law No. (20) of 2018, On Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, and its amendments.

Designated Non-Financial Businesses and Professions: Whoever engages in one or more of the commercial or professional businesses stipulated in Article (3) of the Executive Regulations, who are Under the Ministry oversight.

This Resolution shall be published in the Official Gazette, and shall enter into force as of the day following the date of its publication.

Cabinet Resolution No. (19) of 2015 Regarding the Bad Debts Write-Off System, as well as any provision that contradicts or conflicts with this Resolution, shall be repealed.

The Board of Directors shall issue the necessary resolutions to implement the provisions of this Resolution.

1. The Board of Directors shall have the highest authority to approve the write-off of bad debts, or any part thereof, in accordance with the provisions of this Resolution and the resolutions issued pursuant thereto.

The following controls shall apply when writing off bad debts for accounting purposes:

The full value of bad debts shall be written off according to the procedures to be determined by a Resolution from the Board of Directors, provided that the following controls are applied:

The provisions of this Resolution shall apply to all bad debts and non-performing credit facilities that have not been recovered despite the exhaustion of all necessary administrative, legal, and judicial procedures and measures, or the debts that continue to be classified as "Non-Performing Loans" for a full period of (5) years, according to the classification adopted by the Central Bank of the United Arab Emirates.