QFCRT 002, 004/2019 on 9 March 2020
Horizon Crescent Wealth v Qatar Financial Centre Regulatory Authority
This case involved the review of the courts of the appropriateness of decisions made by the regulatory authority on offences which included client money breaches, breaches of anti-money laundering and terrorist funding procedures, and the carrying out of regulated activities without the necessary license.
Background
Horizon was a limited liability company incorporated in the QFC and licensed by the QFCRA to undertake the non-regulated activity of trust administration. It was not authorised to carry out regulated activity.
The Regulatory Authority had issued a decision on 11 March 2019 which found Horizon had held itself out as engaging in asset management business when it did not have authorisation. It had failed to put in place appropriate anti-money laundering procedures or those to combat terrorist financing. It provided the regulator with false or misleading information.
Under Article 59(1) of the Financial Services Regulations they were fined 25,000,000 Riyals for the anti-money laundering and combatting terrorist financing offences, 5,000,000 Riyals for the other offences plus costs of 830,024 Riyals in costs.