Page 13 - Annual Report 2019

10 ANNUAL REPORT 2019 CEO’S STATEMENT

Anti-money laundering and combatting the financing of terrorism In pursuit of our objectives, the Annual Report records the important work
continued to be a critical priority for us in 2019. In December, we that we also have undertaken in the development of human capital and
consulted on, and issued the updated Anti-Money Laundering and corporate social responsibility. Our outreach to the future generation of
Combatting the Financing of Terrorism (AML/CFT) Rules. The updated financial regulators in Qatar has included career fairs, university partnerships,
rules were introduced following the State of Qatar adopting a new expanded internships and scholarship programs, and our four-year
Law No. (20) of 2019 on Combatting Money Laundering and Terrorism partnership with Qatar’s two banking high schools. The customised master’s
Financing, the Implementing Regulations of Law No. (20) of 2019 on degree programme that we developed with the QCB and the QFMA in
Combatting Money Laundering and Terrorism Financing (Decision No. 2017 resulted in employees from each of the regulators obtaining advanced
41 of 2019) and new Law No. 27 of 2019 on Combatting Terrorism. degrees in financial regulation from HEC during 2019. We see these efforts as
essential to building a long-term sustainable contribution to financial
Customer and investor protection have been central to our regulatory regulation in Qatar.
framework since the establishment of the QFC in 2005. In March 2019,
to ensure the QFC regulatory framework keeps pace with international I extend my deepest thanks and appreciation to our Chairman, His Excellency
practices and standards, we introduced new rules to update and Sheikh Abdulla Bin Saoud Al-Thani, our Deputy Chairman, His Excellency
strengthen our framework for protecting customers and investors of QFC Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani, and our
authorised firms and updated customer dispute resolution scheme rules. Board of Directors, who provided strong leadership and support throughout
the year. I would also like to thank our partners at the QCB and the QFMA
Our Supervision team works diligently with our firms to ensure for their support and co-operation as we work together toward the goals and
compliance and, where necessary, our Enforcement team takes objectives of the Qatar National Vision 2030 and our shared strategic plan.
appropriate action to address non-compliance. In 2019, the
Regulatory Authority took a number of significant enforcement Regulatory Authority staff achievements in 2019 are evident throughout this
actions, including actions against First Abu Dhabi Bank P.J.S.C and report. I consider it a privilege to work with this dedicated group of people
against the directors of Guardian Wealth Management Qatar LLC and I commend them for their efforts.
(in liquidation). Our enforcement actions demonstrate that we will
not hesitate to take all measures necessary to protect the integrity
and reputation of the QFC as a leading financial and business centre
and to remedy all harms to the QFC caused by unethical conduct.

Michael G. Ryan

Chief Executive Officer