QFC 0021/2024, [2024] QIC (F) 31

Qatar Financial Centre Authority v ITECO LLC

This case involved the enforcement of a penalty on a QFC entity which had failed to provide information on beneficial ownership.

Background

The Claimant, the Qatar Financial Centre (QFC’ Authority, was established by Article 11 of Qatar Law No. 7/2005, to supervise entities established and licenced to operate in the QFC. The Defendant, ITECO LLC, was an entity so established and was licenced on 9 February 2020. Because of the sum and the nature of the issues involved, the claim was allocated by the Registrar to the Small Claims Track of this Court under Practice Direction No. 1 of 2022 and the Court determined the claim, usually on the papers, without the need for any application for summary judgment to be made.