Page 5 - Annual Report 2019

02 ANNUAL REPORT 2019

Strategy 2018-2022 and the Qatar National Vision Laundering and Terrorist Financing Committee’s
2030. The plan’s five strategic goals are: to enhance AML/CFT strategy and implementation
financial sector regulation and promote regulatory of the new Financial Sector Information
co-operation; to develop financial markets and Security Strategy to mitigate cybercrime.
foster financial innovation; to maintain integrity of,
and confidence in, the financial system; to promote Strategic goal 4 promotes financial inclusion
financial inclusion; and to develop human capital. and financial literacy as key policies to drive
sustainable growth, create employment
With strategic goal 1, to enhance financial opportunities, reduce inequality and safeguard
sector regulation and promote regulatory co- financial stability. This goal considers supply-
operation, the plan stipulates the need for side measures such as access to finance
Qatar’s financial regulations to be benchmarked as well as demand-side actions such as
to international regulatory standards as a promoting financial literacy. It is the State’s
means to promote financial stability and to intent to ensure access to a full range of
A Shared Strategy for support long-term sustainable growth. high-quality, cost-effective and appropriate
financial services to unbanked or under-
Financial Regulation Strategic goal 2, to develop financial markets served populations and businesses.
and foster financial innovation, has market
infrastructure initiatives at its heart. The plan calls Developing human capital, strategic goal 5,
Issued in 2017, the Second Strategic Plan for Financial Sector for the Qatar Central Bank, the Qatar Financial seeks to nurture and develop Qatar’s growing
Regulation 2017-2022 in Qatar provides the financial community Markets Authority and the Regulatory Authority young population, a key resource for long-term
and policymakers with a clear roadmap to navigate the to introduce an extended range of instruments sustainable growth with a focus on the Qatar
opportunities and challenges that lie ahead to 2022. It continues to manage domestic liquidity and promote National Vision 2030. The regulatory authorities
and expands upon the work that began in 2013 with the First secondary market development. This goal leverages are committed to the development of young
Strategic Plan for Financial Sector Regulation 2013-2016. the benefits of FinTech and green financing to Qataris in the banking and financial sector
create an environment that facilitates innovation and to equipping them with the required skills
Qatar’s three financial regulators, the Qatar Central Bank, the in the financial sector while minimising risk. through specialised programmes and effective
Qatar Financial Markets Authority and the Regulatory Authority, talent management. The dedicated professionals
share the plan’s mission: to deliver a robust and efficient financial To maintain the integrity of Qatar’s financial that emerge as a result of these actions will form
regulatory framework that supports economic prosperity, system, as well as confidence in its workings, a strong pipeline of leadership that will serve
safeguards financial stability and is aligned with international the objective of strategic goal 3 is to ensure that Qatar’s financial sector for decades to come.
standards and best practice. As well as the mission, the the State’s financial institutions and markets are
shared vision, values and strategic goals underpin a common resilient, self-reliant and provide a platform for In addition to building deeper and more
approach to strengthening the financial sector and fostering future growth in a sustainable manner. Qatar is resilient capital and financial markets, the
strong and stable economic growth over the coming years. committed to combatting illicit financing and accomplishment of these goals will assist in
ensuring that financial sector information and driving economic growth and diversification
The strategic plan was developed within the context of the infrastructure are safeguarded from cyber incidents. while nurturing greater self-sufficiency of
overall objectives of both the Second National Development This goal also supports the National Anti-Money Qatar’s financial sector and the economy.