QCB Governor: Working Underway to Launch Financial Action Strategy 2017-2022

Doha, November 14 (QNA) - HE Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani underlined that regulatory and supervisory bodies in the services, activities and financial markets sector in the state are currently working on the launch of the new Financial Action Strategy 2017-2022, after achieving many of the goals and accomplishments through the 2011-2016 strategy. HE Sheikh Abdullah bin Saud Al-Thani was speaking during a ceremony organized last night by the Union of Arab Banks to honor HE the Governor of Qatar Central Bank with the "Governor of the Year 2016" award, the highest award presented by the Union to prominent banking leaders at regional and international levels. HE QCB Governor said that the banking and financial sector in the State of Qatar has 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 QCB became the supreme competent with all the services, markets and financial activities in the state. He added that control and supervision has been introduced to the insurance sector under the umbrella of the Qatar Central Bank for the first time. The insurance sector has been restructured through the establishment of a department for supervision and control, and operational instructions have been issued, in addition to the allocation of a whole chapter in this law for Islamic Financial Institutions. He noted that a committee for financial stability and risk control was formed to study the surrounding risks on business, services, activities and financial market risks, and to develop solutions and proposals, and to coordinate between the regulatory and supervisory authorities in the State. In the field of combating money laundering and financing of terrorism, HE QCB Governor said that all legislations and regulations in the state have been updated in accordance with the best international standards, and all of the principles agreed globally have been applied, noting 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. He added that the National Committee for Anti-Money Laundering & Combating Terrorism Financing (NAMLC) enjoys a significant presence at all international and regional levels, noting that the State of Qatar hosted many international conferences, seminars and workshops in this regard. Meanwhile, HE Sheikh Abdullah bin Saud Al-Thani said that the Union of Arab Banks award represents a new challenge to exert more efforts, and tasks all workers in Qatar Central Bank and the banking sector in the State with the responsibility of maintaining current achievements and the pursuit of the best. HE Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani said that the Union of Arab Banks has been keenness - since its establishment in 1974 - to achieve its fundamental objectives such as promoting ties and closer cooperation among Arab Banks and activate their role in order to achieve common interests. He said that the Union led the march of the banking business development in the Arab countries, reviewing in this context some of the Arab and international initiatives undertaken by the Union, such as the implementation of the DE-RISKING initiative with the International Monetary Fund, raising the issue of the impact of climate change on banking services in the international conference in Rome, the launch of the financial inclusion initiative and the American Arab banking cooperation, and the establishment of good relations with regional and international regulatory and supervisory institutions. For his part, Chairman of the Union of Arab Banks Sheikh Mohammed Al-Jarrah Al-Sabah said that HE Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani is well-deserving the "Governor of the Year 2016" award as the most prestigious award that is presented by the Union of Arab Banks each year to one of the pioneers of the banking business who accomplished great achievements to serve his country and the Arab banking industry. He said that the Union of Arab Banks honors HE QCB Governor with this award in recognition of his policies and strategies in Qatar Central Bank and other institutions under its umbrella, and his efforts in the development of the field of developmental funding and active coordination with all national stakeholders to support growth and to maintain financial stability in Qatar throughout the conditions experienced by the region in the wake of the global financial crisis and the challenges imposed by the decline oil prices. Meanwhile, Secretary General of the Union of Arab Banks Wissam Fattouh said that honoring HE Sheikh Abdullah bin Saud Al-Thani is a tribute to a march that is marked with successes, achievements and many awards and high titles in the world of finance and business. (QNA)