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Qatar introduces new law for accepting deposits
- Qatar: Tuesday, December 11 - 2012 at 04:41
Qatar has passed a new law that specifies stringent punishment for people and entities found soliciting deposits from the public without a valid licence from the banking regulator, the Peninsula has reported. Anyone found accepting deposits from people or entities illegally is to face a jail term of up to five years or pay up a fine of QR5m or both, according to the law that regulates the Qatar Central Bank and Financial Services Institutions. The legislation places, aside from banks and financial services institutions, including exchange houses, insurance companies and the Qatari bourse, as well as Qatar Financial Centre-registered financial entities under the overall supervision of the central bank.
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