ID :
668775
Wed, 10/04/2023 - 22:10
Auther :
Shortlink :
https://www.oananews.org//node/668775
The shortlink copeid
Head of Qatar Financial Information Unit: Qatar Achieved Highest Levels of Compliance in Combating Financial Crimes
Doha, October 04 (QNA) - HE Head of the Qatar Financial Information Unit (QFIU) Sheikh Ahmed bin Eid Al-Thani underlined that the State of Qatar has achieved the highest levels of compliance in the field of combating financial crimes by the Financial Action Task Force (FATF).
Speaking to Qatar News Agency (QNA) on the sidelines of the opening of the 15th edition of the MENA Regulatory Summit, he said that the State of Qatar is keen to continue the journey to be a leader in the field of combating financial crimes to protect its security, economy and society, and participate in the efforts of the international community in to combat this crime.
HE Governor of the Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani and Lord Mayor of the City of London Nicholas Lyons along with several key figures in the financial sector attended the opening of the 15th edition of the MENA Regulatory Summit.
In his speech at the summit, HE Head of QFIU Sheikh Ahmed bin Eid Al-Thani emphasized the State of Qatar's commitment to national strategies aimed at combating financial crime, and to programs and action plans prepared by international organizations. In 2023, FATF completed its evaluation of the anti-money laundering and counter-terrorism financing system in the State of Qatar, where Qatar achieved remarkable success, he added.
He said that the State of Qatar has achieved remarkable success at the technical level and the level of effectiveness, and this reflects the full commitment of the concerned authorities to the approach they have defined for themselves, to achieve compliance with international standards for combating money laundering and terrorist financing and their requirements. He expressed pride in the accomplishments achieved during the evaluation process, but it is important that sustainable goals to combat crime must be flexible and adapt to ongoing risks, which is called the risk-based approach, which constitutes an important reference in directing efforts and resources. He stressed that the sustainable goals for combating crime must be flexible, responding and adapting to ongoing risks, which is called the risk-based approach, a key reference in directing efforts and resources.
He emphasized the significance of the Regulatory Summit for the MENA region, underscoring its role as a platform for knowledge exchange and dialogue among regulatory and supervisory bodies, leaders from various sectors, and experts in financial crimes and risk management.
He expressed his appreciation for the support of HE the Governor of the Qatar Central Bank, recognizing his strategic vision in implementing the Anti-Money Laundering and Counter-Terrorist Financing system in Qatar. He pointed out that supporting such initiatives - i.e. organizing the conference - is not merely to increase the number of awareness-raising activities, training events and meetings between experts and specialists, but rather to exchange experiences and actual practices in the organizational structures of the various sectors, which allows them to evaluate work models and introduce the necessary reforms that have been tried previously, especially since financial crime activities require that measures be taken to combat them decisively and rapidly.
He pointed out that taking into consideration that the economy of some MENA countries is based on the production and export of oil and due to the constant fluctuation of its prices, rapid technological progress, prevailing globalization trends, and the desire of governments to be investment hubs that attract capital, in the pursuit of sustainability, it is imperative to find a regulatory and political oversight algorithm that confronts rising risks and achieves the desired balance between creating an effective regulatory economic environment and freedom of trade and money movement.
In its sessions, the summit addresses many important topics, including trade-based financial crime, identifying green laundering, financial technology (FinTech) and its impact on combating financial crime, in addition to combating illicit financing of cybercrimes and promoting asset recovery, and others, which would enhance the exchange of experiences in these fields and extract lessons learned.
He explained that the summit aimed to create a regulatory environment based on the foundations of knowledge, development, and transparency, and to provide an appropriate environment for dialogue regarding the regulatory model presented by the relevant authorities in countries, and its implementation model, which is practiced by institutions in the private sector to reach the best results, which will be used to support government efforts, find effective ways to combat financial crime, support the process of regulatory development, and economic growth in general.
He stated that the challenges witnessed by the regional countries require caution and increased coordination in various fields, most notably the field of combating financial crime.
Head of Qatar Financial Information Unit: Qatar Achieved Highest Levels of Compliance in Combating Financial Crimes -1-
Economy- Qatar
Lord Mayor of the City of London, Nicholas Lyons stressed the depth of relations between London and Doha as two key financial hubs, noting that financial services represent about 12 percent of his country’s gross domestic product. He pointed to the importance of regulation as the cornerstone of financial stability which prevents excessive risk-taking and ensures the ability of financial institutions to overcome economic recession. He added that the regulation ensures integrity, transparency and credibility, and enhances confidence and thus stimulates long-term growth.
He added that new innovations such as artificial intelligence, big data analytics, blockchain technology, and others pose new and major challenges.
He noted that compliance with anti-money laundering measures represents a high cost for businesses, with estimates indicating that money laundering costs the world between 2% and 5% of its GDP. He also said that regulatory approaches to combating money laundering vary globally and often lack transparency and efficiency, whose absence pose a challenge, given the lack of a global registry or clear guidelines for real-time data access.
He added that the UK Economic Crime and Corporate Transparency Bill aims to prevent organized criminals and fraudsters from using companies to abuse the open economies.
He warned of greenwashing, a deceitful marketing gimmick used by companies to exaggerate their environmental, social and governance (ESG)-friendly products, which harms the credibility of the broader market, noting that some ESG rating agencies have been recently slammed for their lack of data accuracy.
Meanwhile, Managing Director, Central & Eastern Europe, Middle East & Africa (CEEMA), for London Stock Exchange Group (LSEG), Sayed Nadim Najjar said that combating money laundering and related crimes is a challenge that requires an increasingly complex approach from both regulatory bodies and companies. He highlighted the importance of AI in battling money laundering, a practice that has plagued the world's financial systems for decades.
The recent Crypto crash that erased over USD2 trillion in market value, serves as a stark reminder of the need for vigilant regulatory oversight. It also led to the unfortunate collapse of many cryptocurrency projects and investment funds, prompting a close digital asset scrutiny.
Najjar stressed the need to strengthen defense mechanisms against trade-based financial crimes, calling for a vigilant oversight to combat greenwashing, and ensure the environmental goals.
Former Chair of FIU, Egmont Group, Xolisile Khanyile said that compliance is essential to prevent crime infiltrating financial systems, protect the integrity of institutions, and support information-driven investigations, prosecutions and asset recovery.
Khanyile added that the implementation of the risk-based approach is still in its early stages in many countries, stressing the necessity of implementing the best preventive measures by the private sector.
She also stressed that asset recovery remains a challenge, with countries only recovering a small portion of their actual proceeds, calling for a more consistent criminal justice framework and encouraged partnerships to enhance cooperation and information exchange.
For his part, Executive General Manager and Chief Compliance Officer at Commercial Bank, Abdullah Al Fadli, stressed the increasing investment in compliance functions and regulatory technologies by institutions based in Qatar for sustainable programs to combat financial crimes. He said that a successful compliance program in the MENA region requires appropriate (needs-based) training and development to promote a sustainable culture of compliance. (QNA)
