Regulation

UAE’s FAB denies QFCRA currency manipulation allegations

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On 19 June 2019, the lender notified the Qatar Financial Centre Regulatory Authority (QFCRA) that it will relinquish its Qatar Financial Centre branch (QFC) licence and permanently close its Qatar operations.

Monday 26, August 2019 BY KUDAKWASHE MUZORIWA

First Abu Dhabi Bank (FAB) has reiterated that the allegations by the QFCRA in the QFC Courts are false and the UAE-based lender unequivocally denies them following a statement by the regulator that it has imposed a financial penalty of QAR 200 million ($55 million) for obstruction investigation into allegedly manipulation of the Qatari Riyal.

FAB stated that it conducts its business in accordance with the highest professional standards and in full compliance with the laws and regulations of all the jurisdictions in which it operates.

Additionally, FAB said that the QFCRA have made it impossible for its operations to continue in Qatar, despite its QFC branch providing all relevant and responsive information that it was required to disclose pursuant to QFC law.

FAB is in the process of effecting a wind-down of the QFC branch’s operations and the bank said that it has put in place appropriate measures to protect its QFC branch employees and customers.

 

TAGS : FAB, QFCRA, QFC Courts, Qatari Riyal

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