Page 12 - Annual Report 2022 EN
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CEO’s Statement
I am pleased to report that 2022 has been a year of operational framework of the QFCRA. Our progress
continuing growth, transformation, and resilience for the during 2022 in developing and deploying automated,
Qatar Financial Centre Regulatory Authority (QFCRA), machine-learning-powered processes and our
and it demonstrates our commitment to fostering commitment to training in these new technologies
a robust, stable, and innovative financial sector. underscore our efforts to cultivate an environment
of forward-looking, data-driven decision-making.
Our regulatory policy work has continued to maintain
a strong focus on ensuring that we continue to meet AML/CFT remains a significant priority for the QFCRA.
international standards and best practices in banking, I am pleased to note the positive results achieved by
insurance, asset management and AML/CFT. During the State of Qatar and the QFCRA during Financial
2022, we also launched initiatives that add new depth Action Task Force’s Mutual Evaluation. In this regard,
to Qatar’s financial markets through the introduction of I would like to especially acknowledge the leadership
the Derivatives Markets and Exchange Regulatory Rules provided by the National Anti-Money Laundering and
and a new framework for Professional Investor Funds. In Terrorism Financing Committee and the Qatar Central
tandem with this, we enhanced our prudential reporting Bank in delivering that outcome.
and assurance framework. Working closely with banks,
insurers, and their auditors, we enhanced standards Our collaboration with global organisations continues
in financial reporting, specifically around expected to deepen. Our participation in the European Central
credit loss accounting and the forthcoming IFRS 17 Bank’s Supervision Innovators Conference and our
implementation for insurers. These initiatives are not engagement with international bodies like the Basel
just about compliance; they underscore our commitment Consultative Group, International Organisation of
to global best practices and positions the Qatar Securities Commissions, and the IAIS Operational
Financial Centre at par with leading financial centres. Resilience Task Force continue to demonstrate our
commitment to international discourse and global
Our commitment to innovation, and our capacity regulatory cooperation.
to deliver our ambitions, has been accelerated by
our move to a cloud-based infrastructure, which I am also pleased to note that significant progress
has significantly improved our digital capabilities, was also made in reporting on Environmental, Social
operational efficiency, and resilience. Embracing and Governance (ESG), as we partnered with the CFA
technological advancements remains at the core of our Society Doha. Our survey sought to understand and
strategy. We continue our ‘Supervision 2030’ vision, benchmark firms’ considerations of ESG, reflecting
which looks to integrate AI-augmented tools closely our endeavour to pave the way for a sustainable
in our supervisory processes, and more broadly in the financial future.
