Qatar calls for regulatory frameworks to address emerging risks while maintaining trade and capital flows

Qatar Wednesday stressed the importance of developing regulatory frameworks that can address emerging risks, while maintaining the flow of trade and capital.
This was articulated by Sheikh Ahmed bin Eid al-Thani, Head of Qatar Financial Information Unit (QFIU), at the 15th Middle East and North Africa Regulatory Summit, organised by the London Stock Exchange Group (LSEG) and in the presence of HE Sheikh Bandar bin Mohamed al-Thani, the Qatar Central Bank Governor.
Sheikh Ahmed emphasised the goal of creating a regulatory environment grounded in knowledge, development, and transparency, fostering dialogue and evaluation to support government efforts in combating financial crimes and driving economic growth.
He also commended the role of financial investigation units within international organisations like MENAFATF (Middle East and North Africa Financial Action Task Force) and Egmont Group, noting their contributions to shaping unified policies and finding solutions to common challenges.
‏Nadim Najjar, managing director of Central and Eastern Europe, Middle East, and Africa at LSEG, echoed the importance of adapting to the evolving financial landscape as he discussed the role of artificial intelligence (AI) in combating money laundering and emphasized the need for vigilant regulatory oversight in light of recent challenges, including the crypto token price crash and the rise of stable coins.
Money laundering and associated offences affect not only the financial landscape of the region but also the very fabric of the society, he said, adding the challenges are getting increasingly sophisticated approach from regulators and corporations.
"In this evolving landscape, when digitalisation is accelerating, AI has become an essential tool to ensure that our financial system remain robust. The challenges we face are beyond the digital realm," he said.
‏Najjar emphasised the delicate balance between protecting consumers and fostering innovation, particularly in the realm of fintech. He also highlighted the challenges faced by corporations in complying with anti-money laundering obligations and data protection laws.
‏Xolisile Khanyile, former chair of the Egmont Group of Financial Intelligence Units, shared insights into the critical importance of compliance.
She highlighted that compliance is essential to prevent financial systems from being infiltrated by criminality, protect the integrity of institutions, and support intelligence-driven investigations, prosecutions, and asset recovery.
The implementation of risk-based approaches is still in its early stages in many countries, she said, highlighting the need for better implementation of preventative measures by the private sector.
She stressed that asset recovery remains a challenge, with countries recovering only a fraction of actual proceeds.
Finding unintended consequences of overregulation, including the shrinking of civic space under the guise of compliance; she advocated for more holistic criminal justice frameworks and encouraged public-private partnerships (PPPs) to foster collaboration and information sharing.