FAB rejects Qatar's financial regulatory authority allegations

Abu Dhabi's First Abu Dhabi Bank (FAB), on Sunday rejected allegations by the Qatar Financial Centre Regulatory Authority (QFCRA), that its branch in the Qatar Financial Centre had failed to provide appropriate financial disclosures.

The full text of an FAB statement issued on Sunday follows.

As stated previously, the allegations by the Qatar Financial Center Regulatory Authority, QFCRA, in the QFC Courts are entirely false, and First Abu Dhabi Bank, FAB, unequivocally denies them.

It is not coincidental that the actions of the QFCRA take place at the time that the United Arab Emirates, along with several other countries, have ended their diplomatic relations with the State of Qatar.

FAB 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.

Although the QFCRA’s allegations are false, FAB made good faith efforts to engage with the QFCRA to resolve the matter, with FAB’s QFC branch providing all relevant and responsive information that it was required to disclose pursuant to QFC law.

Any allegations that FAB’s QFC branch failed to provide appropriate disclosures are false.

WAM