The 15th edition of the MENA Regulatory Summit was officially unveiled yesterday in Doha, Qatar. The summit, organized by the London Stock Exchange Group (LSEG) and held under the patronage of Qatar Financial Information Unit (QFIU), saw prominent leaders, policymakers, and experts convene to discuss critical issues surrounding financial crime, regulatory frameworks, and the challenges and opportunities posed by the evolving landscape of finance.
The opening ceremony was attended by His Excellency Sheikh Bandar Bin Mohamed Al Thani, the Governor of Qatar Central Bank, and His Excellency Sheikh Ahmed Bin Eid Al Thani, Head of Qatar Financial Information Unit.
In his welcoming address, Sheikh Ahmed Bin Eid Al Thani emphasized the significance of the Regulatory Summit for the MENA region, underscoring its role as a platform for knowledge exchange and dialogue among regulatory and supervisory bodies, leaders from various sectors, and experts in financial crimes and risk management.
Sheikh Ahmed Bin Eid Al Thani expressed his appreciation for the support of His Excellency the Governor of the Qatar Central Bank, recognizing his strategic vision in implementing the Anti-Money Laundering and Counter-Terrorist Financing system in Qatar. He reiterated the commitment of the Financial Intelligence Unit to sponsor this conference, aligning with the goals of combating financial crimes and promoting the exchange of experiences and information.
Highlighting the economic challenges faced by the region, Sheikh Ahmed Bin Eid Al Thani stressed the importance of developing regulatory frameworks that can address emerging risks while maintaining the flow of trade and capital. He emphasized 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.
Sheikh Ahmed Bin Eid Al Thani also commended the role of Financial Investigation Units within international organizations 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. 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 stablecoins.
Najjar emphasized 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 emphasized 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.
Khanyile noted that the implementation of risk-based approaches is still in its early stages in many countries and highlighted 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.
Khanyile also pointed out the 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.
Alderman Nicholas Lyons, The Rt. Hon. The Lord Mayor of the City of London underscored the vital role of regulation in the financial world and its impact on global economic stability, market integrity, and innovation. In his address, Lord Mayor Lyons highlighted the significance of the longstanding relationship between London and Doha, emphasizing the importance of collaboration in the financial services industry. He stressed that while innovation is crucial, it must be balanced with maintaining the highest standards of regulation.
Lord Mayor Lyons also addressed two critical areas of concern: money laundering and greenwashing. He discussed the need for global cooperation and transparency in tackling money laundering, acknowledging the Economic Crime and Corporate Transparency Bill in the UK as a significant step in this direction. He also raised concerns about greenwashing in the context of climate change and highlighted efforts to establish a voluntary code of conduct for ESG ratings and data product providers.
Lord Mayor Lyons expressed his pleasure in strengthening the bond between nations and wished all attendees a productive and rewarding summit. His speech underscored the importance of effective regulation in ensuring the stability and sustainability of the financial industry.
