HE the Qatar Central Bank Governor Sheikh Abdullah bin Saoud al-Thani has said work is underway on launching the new Financial Action Strategy 2017-2022 following the success of a similar five-year plan introduced in 2011.
He was speaking after receiving the “Governor of the Year 2016” award instituted by the Union of Arab Banks in Doha on Sunday.
Sheikh Abdullah said Qatar’s banking and financial sector had seen significant developments over the past years after the issuance of the Qatar Central Bank Act and the regulation of financial institutions in 2012, where the QCB had become the supreme authority competent to deal with all the related services, markets and financial activities in Qatar.
He said the control and supervision of the country’s insurance sector is now vested with the QCB. The insurance sector has been restructured through the establishment of a dedicated department at the QCB for its supervision and control, and operational instructions have been issued. Laws governing Islamic financial institutions have also been issued.
He noted that a committee for financial stability and risk control was formed to study the potential risks on businesses, services, and financial markets, suggest solutions and proposals, and to coordinate between the regulatory and supervisory authorities in the State.
In terms of combating money laundering and terrorism financing, Sheikh Abdullah said all legislations and regulations in Qatar have been updated in accordance with the best international standards, and all of the principles agreed globally have been applied.
He noted that the Financial Information Unit carries out its role in the exchange of information with its counterparts in other countries in accordance with the mechanisms set out in international conventions.
The National Committee for Anti-Money Laundering & Combating Terrorism Financing (NAMLC) enjoys a significant presence at all international and regional levels and noted that the State of Qatar hosted many international conferences, seminars and workshops in this regard.
Sheikh Abdullah said the award bestowed upon him by the Union of Arab Banks would challenge him and his team at the QCB to put in more efforts to further develop Qatar’s financial system.
Sheikh Mohamed al-Jarrah al-Sabah, chairman of the Union of Arab Banks, said Sheikh Abdullah well deserved the prestigious award, which honoured someone who accomplished great achievements in serving his country and the Arab banking industry.
He said that the Union of Arab Banks honoured the QCB governor in recognition of his policies and strategies at the QCB and other institutions under its umbrella as well as for his efforts at maintaining financial stability in Qatar amid the economic challenges in the region and around the globe.