ENHANCED COMPLIANCE AND LEGISLATION PLACING PEOPLE AT THE HEART OF BUSINESS SUCCESS Legislative enhancements were front and centre the QFC Tax Regime ensured a fair, transparent, QFC prioritises adherence to Environmental, As a proponent of the United Nations Sustainable on QFC’s agenda throughout 2023. As part of and e昀케cient tax system aligned with global Social, and Governance (ESG) standards. Development Goals (SDGs), QFC persisted in these developments, the organisation published standards. Recognising human capital as a core asset for its partnerships with the International Labour new Non-Regulated Activities Rules that contain any business, it fosters sound, healthy, Organisation (ILO), World Health Organisation an extensive list of permitted activities that Moreover, QFC made signi昀椀cant contributions to the design and implementation of a compliance and inclusive workplaces among its 昀椀rms, (WHO), EU Delegation in the State of Qatar, the may be conducted in or from the QFC. Another framework for the Common Reporting Standard unlocking talent, maximising employee potential Ministry of Labour, and many other national landmark achievement was the launch of QFC’s (CRS) in Qatar, working closely with the and optimising business outcomes. Advisory and international institutes to optimise its new online company incorporation process, services were provided to QFC 昀椀rms to raise e昀昀orts in human development and initiatives to enabling applicants to incorporate a company Government Tax Authority (GTA) and 昀椀nancial awareness of employment standards accelerate Qatar’s transition into a knowledge- within QFC instantly. sector supervisory bodies. This was a pivotal and enhance compliance, minimising disputes based economy by 2030. Signi昀椀cantly, QFC step in securing Qatar a positive outcome in and reducing legal costs the 昀椀rms would established a task force of experts to review QFC witnessed a signi昀椀cant increase in voluntary the Organisation for Economic Cooperation and otherwise incur. and update its employment framework, taking tax compliance, with tax revenue from non- Development (OECD) Global Forum’s assessment into consideration the prominent changes in the regulated 昀椀rms steadily growing. Updates to of the country’s CRS implementation. The frequency of monitoring activities and labour inspections was increased, resulting world of work over the past 10 years. in the early identi昀椀cation of non-compliance Moreover, QFC implemented several incidents, which were promptly resolved management and quality enhancements to COMMITTED TO FIGHTING FINANCIAL CRIME without resorting to formal enforcement. QFC’s improve its human capital function. These AND ENHANCING DATA PROTECTION mediation and conciliation services reaped included streamlining internal processes, positive outcomes, with all 41 grievances updating systems and reporting line received resolved outside of court without mechanisms and enhancing the e昀케ciency of QFC’s ability and expertise were further utilised updated its Data Protection Regulations and requiring adjudication. communicating with employees. in the ongoing monitoring of Qatar’s Anti- Rules and made enhancements to the Data Money Laundering and Combating the Finance Subject rights of erasure and recti昀椀cation to of Terrorism (AML/CFT) regime as part of its align with the new international data transfer coordination with Qatar’s National Anti-Money mechanisms, including the use of binding Laundering Committee (NAMLC).To strengthen corporate rules and its digital assets initiative. data privacy and protection, QFC updated its Additionally, QFC issued documents to Data Protection Regulations and Rules and incorporated 昀椀rms detailing supervisor priorities made enhancements to the Data Subject rights and compliance focus areas during the year and of erasure and recti昀椀cation to align with the in 2024. An updated fact sheet was also released new international data transfer mechanisms, to provide quick and easy access to the main including the use of binding corporate rules provisions of the Regulations. and its digital assets initiative. Additionally, QFC also issued an Oversight & Regulatory QFC issued documents to incorporated 昀椀rms Action Framework focused on its authority to detailing supervisor priorities and compliance oversee non-compliance with the Regulations, focus areas during the year and in 2024. An in addition to a self-assessment tool to help updated fact sheet was also released to provide quick and easy access to the main provisions of 昀椀rms monitor their compliance with the the Regulations. QFC’s ability and expertise were Regulations and identify areas of improvement. further utilised in the ongoing monitoring of Furthermore, QFC renewed its membership Qatar’s Anti-Money Laundering and Combating with the Global Privacy Assembly (Observer) and Global Privacy Enforcement Network, rea昀케rming the Finance of Terrorism (AML/CFT) regime as its commitment to adopting internationally part of its coordination with Qatar’s National acknowledged best practices and enforcement Anti-Money Laundering Committee (NAMLC). initiatives in data protection. To strengthen data privacy and protection, QFC EVENTS