The Qatar Financial Center Regulatory Authority (QFCRA) has announced that it has taken disciplinary action against two directors of Horizon Crescent Wealth for breaches of the Centre’s 2010 Anti-Money Laundering and Terrorist Financing Rules.
In 2019, the Regulatory Authority previously took disciplinary action against Horizon Crescent Wealth, which is licensed to manage trust funds, and is classified as a designated non-financial business or profession and therefore subject to the Anti-Money Laundering and Terrorist Financing Rules of 2010. The Regulatory Authority issued a decision imposing a fine of 30,000,000 riyals. The right of the company for committing serious legal and regulatory violations of the rules of combating money laundering and terrorist financing, and the Qatar Financial Center Law No. (7) of 2005 and the financial services regulations in the center.
After taking the aforementioned procedures, the Regulatory Authority initiated an investigation into the role played by the company’s managers in these violations. And it concluded that disciplinary measures were also taken against two people belonging to the company’s administrative body for failing to ensure the necessary operational requirements in managing the company. The Regulatory Authority issued a decision to impose a fine of 728,000 riyals ($200,000) on Mr. Patrick Barriswell, a senior official with executive duties in the company, and a fine of 1,092,606 riyals ($300,000) on Mr. Jean-Marc Mantagne, who was also the reporting officer. About money laundering in the company. The Regulatory Authority also issued an indefinite ban on carrying out any functions for any of the companies operating in the Qatar Financial Center.
It is noteworthy that the two persons concerned appealed the decision issued by the Regulatory Authority to impose a financial fine and to prevent them from conducting business in the center. The Regulatory Court of the Qatar Financial Center upheld the two aforementioned decisions and dismissed the appeals.
