DOHA, 28 May 2009

Regional experts and regulators are poised to gather in Doha to debate the ongoing global financial crisis at the 2nd Middle East Advanced Financial Crime Prevention Programme, hosted by the Qatar Financial Centre.

High level representatives from the Dubai Financial Services Association, Qatar Financial Centre Regulatory Authority and Hawkamah will argue on either side of a motion questioning where principal responsibility for loss of confidence in the financial system lies.

The three day event will be held at Sharq Village Hotel & Spa, Doha, between 7-9 June 2009.

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A recent newspaper article in the UK recently published a perspective on 2008’s global banking crisis which questioned the accuracy of blame laid on greed and instability in (investment) banking in particular. Proponents of this argument imply that changes in financial regulation are much needed. They argue that bankers behaved "foolishly and recklessly", purposefully dedicating themselves to circumventing regulations purely for self gain with no thoughts given to long term security of their organisation or society at large.

The article also highlighted another perspective which argues that regulatory bodies created the problem. Regulation and government intervention has to be one step ahead of the markets, but this view of regulators argues that regulators are always playing catch-up, as banks created more sophisticated investment vehicles which made adequate supervision and monitoring difficult.

Who is to blame and do the proposals by the G20 governments and other international organisations that involve extending regulation further deal with the issue or by adding to the plethora of regulations that need following are they attempting to create a market run by regulators?

Regional experts and regulators will be gathering in Doha to discuss this very matter at the 2009 Middle East Advanced Financial Crime Prevention Programme, hosted by the Qatar Financial Centre. Richard Collins and Michael Lesser, of the Qatar Financial Centre Regulatory Authority (QFCRA), Dr Nasser Saidi of the OECD’s Hawkamah Institute and Bryan Stirewalt of the Dubai Financial Services Authority (DFSA) are amongst the panellists debating on either side of the motion.

The 3-day programme, which has been created by IFCCT will run from the 7th to the 9th of June at the Sharq Village Resort in Doha. It will address many of the current threats and recent scandals to hit the financial sector of the Middle East. Other issues to be addressed include corporate governance, conducting fraud investigations, and other aspects of enterprise wide risk management. Sessions will be delivered by IFCCT’s world leading faculty and handpicked regional experts.

Full agenda, faculty profiles and registration information is available on
www.faircount.com/tfcctqatar2009

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Notes to editors

International Financial Crime Prevention & Compliance Training, a division of Faircount Media Group, has established a first class reputation for providing comprehensive training to organisations within the public and private sectors. IFCCT’s training programmes are predicated on imparting a more comprehensive understanding of the main areas of organisational risk, specifically those arising from financially motivated crime.

As part of its mission to provide organisations with the means to respond to these and a broad spectrum of interrelated risks, IFCCT has developed curriculums to address not only traditional areas such as money laundering, counter-terrorist financing, regulatory compliance, cybercrime and asset recovery, but also forensic accounting, e-auditing and commercial due diligence.

IFCCT courses enjoy the close backing and endorsement of major international organisations and institutions, such as the United Nations, World Bank, OECD, Council of Europe, European Commission, FBI, FSA, Interpol and US Federal Reserve. IFCCT’s hugely popular winning formula utilises the unparalleled expertise inherent in such organisations and combines it with that of their regional and domestic counterparts to provide a unique advanced learning and interactive experience.

IFCCT courses are certificated.

Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.

QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.

QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.

For more information please contact:

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