Chairman of Qatar Association of Certified Public Accountants (QCPA) Dr. Hashim Al Sayed. Pic: Abdul Basit / The Peninsula
Doha: With the proliferation of new financial technology solutions in the Qatari market, the government is also stepping up with new regulations to protect the integrity of the country’s financial system, an official has said yesterday.
Speaking to The Peninsula on the sidelines of the FinTech Summit Middle East which was organised by the Qatar Association of Certified Public Accountants (QCPA), Director of Control and Development Department at the Administrative Control and Transparency Authority (ACTA) Amal Ahmed Al Kuwari said several measures are being put in place to protect consumers in the country.
“Technology is a double-edged sword as it facilitates to make life easier and more convenient. However, it also comes with some risks. And we see new laws being developed, as well as some changes in existing laws, to cope up with the developments in the financial sector,” she said.
According to Al Kuwari, two draft laws which seek to provide the ‘right to access information’ and ‘combat the conflicts of interest’, have already been approved by Qatar’s cabinet, and are now expected to be approved by the Shura Council by year-end. The two Qatari laws currently in the pipeline, will also benefit the business sector, she added.
Speaking during the event, Al Kuwari reiterated that Qatar’s Anti-Money Laundering & Terrorist Financing Law has also been amended recently.
“At ACTA, we have a mandate to raise the awareness on integrity and how we can protect all the customers and protect the country’s financial system amid the huge demand for fintech solutions. The National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), in addition to the Qatar Central Bank (QCB) are also establishing measures to protect consumers from fraud. Customers have to be protected, and all these governmental entities are putting these rules and following up on the banks in their implementation of the rules,” added Al Kuwari.
During the event, the Qatar Fintech Hub (QFTH) highlighted that it has already registered as many as 24 fintech companies in Qatar. Majority of the fintechs have been registered at the Qatar Financial Centre (QFC), while others have been registered at the Ministry of Commerce and Industry (MoCI) and the Qatar Science and Technology Park (QSTP).
Director of Control and Development Department at the Administrative Control and Transparency Authority (ACTA) Amal Ahmed Al Kuwari, speaking during the forum, yesterday.
Director of Single Window at MoCI Mohamad Hamad Al Nuaimi, in his presentation, also said that the Single Window System is currently digitalising all its infrastructures as Qatar seeks to be a regional hub for investments. He added that the System - a one-stop-shop for entrepreneurs setting up their businesses in Qatar - has conducted over 26,000 transactions last year.
Speaking to The Peninsula, Chairman of the QCPA Dr. Hashim Al Sayed highlighted the growing importance of the role of financial professionals in Qatar. He said: “Today, we have more than 100 auditing and accounting offices in Qatar. Qatar and other Mideast countries are investing heavily on fintechs. And this forum updates us on the latest fintech trends and the new laws in the sector”.
According to Dr. Kateryna Bogulavska, Project Manager at Basel AML Index, Qatar is currently undergoing the fourth round of mutual evaluation of the Financial Action Task Force (FATF).
Speaking about the general assessments of the global financial watchdog which were conducted in about 120 jurisdictions, she said: “Globally, data shows that countries do much better when it comes to technical compliance. They have good rules and good legal infrastructure, which stood at 64 percent. But when it comes to implementation of the rules, countries globally do much worse. We see them faring twice lower at 30 percent effectiveness only. We also see that globally, sanctions are not enough”.
