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Qatar Financial Centre Authority v ITECO LLC

Court of First Instance
CTFIC0021/2024
Neutral Citation
[2024] QIC (F) 31
Date
28 July 2024
Status
Keywords
First Instance Circuit
QFCA Rules
Debt
Judges
George Arestis
Fritz Brand
Yongjian Zhang
Summary

The Qatar Financial Centre Authority (QFC) sued VITECO LLC for failing to submit a mandatory report on Beneficial Owners by the deadline, violating rules aimed at combating money laundering and terrorism financing. Despite being served a Decision Notice imposing a $3,000 penalty, VITECO LLC neither contested the notice nor paid the fine. The court ruled in favor of QFC, ordering VITECO LLC to pay the $3,000 penalty and cover QFC's legal costs. The case was handled swiftly under the Small Claims Track due to its straightforward nature and lack of defense from VITECO LLC.

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Judges

  • George Arestis

    Cyprus

  • Fritz Brand

    South Africa

  • Yongjian Zhang

    China

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