Posted on April 16, 2020

After the recent announcement of imposition of financial penalties on Horizon Crescent Wealth LLC (“HCW”) for failings regarding Anti-Money Laundering and Combating Terrorist Financing Rules 2010 (“AML/CFTR”), the Qatar Financial Centre Authority (QFCA) announced today that it has also fined the company over QAR 1 million for contraventions of provisions of the QFCA Rules.

HCW is a QFC firm which is licensed to perform Administration of Trusts, and as such is required to comply with its legal obligations in line with the QFCA Rules. HCW’s violations are evident in its failure to comply with the General Rules and Licensed Firm Assets Rules, in the QFCA Rules, especially when handling Client Money. HCW’s contraventions have been documented in an investigation undertaken by the Monitoring and Enforcement Department between March and June 2018. Consequently, the QFCA issued a Decision Notice in October 2019 and imposed a financial penalty of over QAR 1 million on HCW.

HCW appealed this decision to the QFC Regulatory Tribunal, and on 9 March 2020 the Tribunal dismissed the appeal and upheld the QFC Authority’s decision. HCW may still appeal the Regulatory Tribunal’s decision within the applicable deadline.