(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: The 15th edition of the MENA Regulatory Summit witnessed prominent leaders, policymakers, and experts coming together to highlight critical affairs regarding financial crime, regulatory frameworks, and the challenges posed in the sector.
The event was organised by the London stock exchange Group (LSEG) and held under the patronage of the Qatar Financial Information Unit (QFIU) at the Sheraton Grand Doha Resort & convention Hotel yesterday.
The opening ceremony was attended by the Governor of Qatar Central bank H E sheikh Bandar bin Mohamed Al Thani, Chairman of the Qatar Financial Information Unit Sheikh Ahmed bin Eid Al Thani, The Rt. Hon. The Lord Mayor of the City of London Alderman Nicholas Lyons, UK's Ambassador to Qatar Jon Wilks CMG and the Managing Director of Central and Eastern Europe, Middle East, and Africa at LSEG Nadim Najjar.
During his welcome speech, Sheikh Ahmed bin Eid Al Thani pointed out the vitality of the summit, which was held in the region outlining its role as a platform for knowledge exchange and dialogue among regulatory and supervisory bodies, among others.
He also highlighted the economic challenges faced by MENA and convened the importance of enhancing regulatory frameworks in addition to drawing solutions that will create a regulatory environment grounded in knowledge and transparency to achieve the economic growth.
Lord Mayor Lyons spotlighted two major areas of concern including money laundering and greenwashing. He stressed the need for global cooperation and transparency in tackling such issues and to acknowledge the economic crime and corporate transparency bill in the UK as a significant step in this direction.
He remarked that“Regulation is the cornerstone of financial stability, preventing excessive risk-taking and ensuring financial institutions can weather economic downturns. Regulation is the guardian of market integrity ensuring that markets operate with fairness, transparency, and with credibility promoting confidence and in turn, stimulating long-term growth. Regulation is the foundation of trust and security for customers maintaining the ethical fabric of the financial and professional services industry.
He noted that with the advent of technology, money laundering has become a growing and increasingly complex threat to individual businesses and also to the wider economy.“Anti-money laundering compliance poses a high cost to business and is estimated that money laundering costs the world between 2 and 5 percent of its GDP annually. Anti-money laundering regulatory approaches vary globally and often lack transparency and efficiency,” Lord Mayor Lyons mentioned.
Nadim Najjar also underlined the significance of protecting consumers and reinforcing innovation, especially in the FinTech industry, while focusing on the obstacles faced by entities in complying with anti-money laundering obligations and data protection laws.
He said:“Money laundering, a practice that has plagued our financial systems for decades, now faces its formidable adversary. AI has become an essential tool, augmenting conventional techniques and aiding us in our pursuit of justice. As the digital world rapidly evolves, we must harness the power of AI to ensure that our financial systems remain robust and resilient. However, the challenges we face extend beyond the digital level.”
He underscored that the goal is to protect consumers without“stifling innovation”, which needs to be implemented with the utmost attention.“Furthermore, corporations find themselves walking a tightrope, endeavouring to comply with both anti-money laundering obligations and data protection laws,” Nadim Najjar added.
He concluded by emphasising that the mission lies merely not on preserving the integrity of the financial systems but also on safeguarding the values and aspirations of the society, ensuring that they remain uncorrupted by the forces of money laundering and illicit finance.
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