Banking & Finance UK regulator fines Barclays $51m over Qatar deals By Reuters November 25, 2024, 2:28 PM Alamy via Reuters Customers use ATMs at a Barclays branch in London. Qatari investors helped the bank avoid a state bailout Qatari funds helped rescue bank Related to 2008 financial crisis Regulator calls bank ‘reckless’ Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in order to avoid a state bailout. The British bank paid undisclosed fees to Qatari funds involved in its rescue, the FCA said in 2022, finding that Barclays’ conduct in the capital raising was reckless and that it lacked integrity. The FCA at the time fined Barclays £50 million, which the bank appealed. ‘Serious money laundering shortcomings in Kuwait’, says watchdog Crypto trading fuels financial crime in the UAE Qatar should make improvements in fight against financial crime In a statement on Monday Barclays said it did not accept the FCA’s findings but had withdrawn its appeal given “the time elapsed since the events”. The interests of the bank, its shareholders and other stakeholders were best served by the withdrawal, Barclays said, adding that there was no material financial impact from the fine. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
