Identifier
Created
Classification
Origin
08DOHA169
2008-02-27 13:23:00
CONFIDENTIAL
Embassy Doha
Cable title:  

QATAR UNLIKELY TO ISSUE WARNING ON IRAN TO BANKING

Tags:  EFIN KTFN KNNP MNUC IR QA 
pdf how-to read a cable
VZCZCXRO8557
PP RUEHBC RUEHDE RUEHDIR RUEHKUK
DE RUEHDO #0169 0581323
ZNY CCCCC ZZH
P 271323Z FEB 08
FM AMEMBASSY DOHA
TO RUEHC/SECSTATE WASHDC PRIORITY 7633
INFO RUCNIRA/IRAN COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHINGTON DC
C O N F I D E N T I A L DOHA 000169 

SIPDIS

SIPDIS

E.O. 12958: DECL: 02/27/2018
TAGS: EFIN KTFN KNNP MNUC IR QA
SUBJECT: QATAR UNLIKELY TO ISSUE WARNING ON IRAN TO BANKING
SECTOR

REF: SECSTATE 14230

Classified By: CDA Michael A. Ratney, reasons 1.4 (b) and (d).

C O N F I D E N T I A L DOHA 000169

SIPDIS

SIPDIS

E.O. 12958: DECL: 02/27/2018
TAGS: EFIN KTFN KNNP MNUC IR QA
SUBJECT: QATAR UNLIKELY TO ISSUE WARNING ON IRAN TO BANKING
SECTOR

REF: SECSTATE 14230

Classified By: CDA Michael A. Ratney, reasons 1.4 (b) and (d).


1. (C) In the context of a broader discussion about Iranian
financial activity in the Gulf (see septel),Qatar Financial
Center Regulatory Authority (QFCRA) Managing Director for
Supervision Michael Lesser told Treasury Under Secretary
Stuart Levey February 25 that the QFCRA is unlikely to issue
an advisory on Iran due to the "limited nature of Iranian
activity" in Qatar. Lesser added that the QFCRA would
consider taking action in the future, especially if Qatar's
Central Bank issues a general advisory.


2. (C) QFCRA Chairman and CEO Phillip Thorpe noted that a
pending new law restructuring Qatar's financial regulatory
bodies into a single agency will include a prominent role for
international regulators, and this may force a change in
Qatar's overall financial posture, including toward Iran.
Lesser added that additional UN and Financial Action Task
Force (FATF) statements specifically mentioning the threat
posed by Iranian entities would encourage the GOQ to issue an
advisory, or at least give serious consideration to
restricting present or future Iranian financial activity.


2. (SBU) Our Central Bank and Financial Information Unit
interlocutors have been unable to meet with us to discuss the
DFSA advisory, due to an ongoing IMF assessment. Post will
continue to engage on this issue and advise of any further
substantive reaction from the GOQ.


3. (C) COMMENT: Although the QFCRA likes to tout its
independence, this conversation made clear that the
regulators are wary of straying too far from GOQ policy on an
issue as sensitive as Iran. While our interlocutors are
correct
that Iranian financial activity in Qatar is limited, the GOQ
would still prefer to take public action targeting Iran only
in the context of a UN Security Council resolution.


RATNEY