Tribune News Network
Doha
Chief Executive Officer of Qatar Financial Centre (QFC) Yousuf Mohamed Al Jaida said the QFC is committed to cope with the latest developments in the field of business registries, regulations, legislation and operations, in addition to its commitment to facilitating the free exchange of information and expertise with the aim of providing new insights that contribute to the development of this industry by adopting best practices.
This came in his inaugural speech at the 20th Corporate Registers Forum (CRF) Annual Conference 2024, which lasts for four days under the theme "Innovative Registries Business Enablers of the Future”.
The CRF 2024 cover critical topics relevant to business registries, including Corporate Re-domiciliation, the Importance of Monitoring, Enforcement and Effective Penalty Regimes, and the Tokenization of Shares. Regional breakaway sessions for Europe, Asia and the Middle East and Africa, along with updates from partner organizations and presentations of business registry insights, are also on the agenda.
One of the key discussions at the event will be on ‘Beneficial Ownership,’ introduced for the first time at a CRF conference. A full day, scheduled for Wednesday, will be dedicated to this crucial topic, covering ‘Empowering Beneficial Ownership Globally,’ ‘AML Legal Frameworks Worldwide,’ ‘Global Beneficial Ownership Insights,’ and ‘FATF Recommendations’.
Finally, the members-only CRF Annual General Meeting 2024 will take place on Thursday, immediately after the conference concludes.
Al Jaida commented on the success of the event’s first day, stating, "Hosting the 20th Corporate Registers Forum in Qatar is a testament to the collaborative spirit and shared vision we uphold.
This partnership-driven initiative not only strengthens our global connections but also highlights Qatar as a proponent of business excellence.
"We extend our heartfelt thanks to all our partners whose unwavering support has been instrumental in bringing this event to life.”
He added that with the rapid development in business registration technology and modern regulatory practices, there is a need to develop a local market that maintains the countrys position as a preferred choice for investment and doing business.
He added that Qatar has invested huge amounts of money in digitizing its business registries services, which has contributed to reducing administrative burdens and increasing transparency significantly, as the digital services portal allows companies to manage their licenses, records and files electronically with ease and smoothness, which supports the national goal of facilitating the procedures for doing business in the country.
He pointed out that the Ministry of Commerce and Industry and the QFC supervise business registration in Qatar, and both are committed to implementing international standards for beneficial ownership and anti-money laundering regulations, which is in line with the recommendations of the Financial Action Task Force (FATF).
Business registration authorities are facing increasing demands to increase their transparency, as well as the need to combat financial crimes effectively and efficiently, and ensure compliance with advanced regulatory standards, including those related to combating money laundering and terrorist financing, Al Jaida said.
He concluded his speech by saying that through effective frameworks for beneficial ownership, business registration departments will be helped to reduce the risks associated with bad financial behavior, and enhance investor confidence.
President of CRF Louise Smyth said, "This week the global corporate registry community converges on Doha for our showpiece annual conference, a four-day meeting of the world’s most prominent experts in the field to discuss everything from the future of registries, enforcement challenges, anti-money laundering and beneficial ownership, as well as global cooperation.”
CRF General Secretary Martin Fidler Jones said: "The CRF annual conference is the flagship event in the global registry community.
The team at Qatar Financial Centre have surpassed all expectations to prepare what promises to be an unforgettable event that will see over 40 international experts from all around the globe deliver 18 conference sessions over four thematic days on the hottest topics in corporate registry practice.”
Deputy CEO and Chief Legal Officer, QFC, Nasser Al Taweel expressed the significance of the event to the QFC objectives, stating: "We are proud to host the Corporate Registers Forum Annual Conference 2024 in Qatar for the first time and welcome registry professionals and experts from around the world. Hosting this event stresses QFC’s dedication to nurturing a dynamic and transparent business environment which is a fundamental driver of economic development and diversification.”