Re Horizon Crescent Wealth LLC (In Liquidation)

Andrew George KC appeared in the Appellate Court of the Qatar Financial Centre Civil and Commercial Court where, in a ground-breaking application of public policy considerations, the Appellate Court upheld the first instance Court’s design and imposition of a threshold test for claimants seeking to establish claims (whether proprietary or not) in the liquidation of a company where money laundering has been suspected.

Court President Lord Thomas (former Lord Chief Justice of England and Wales) noted that, as there were “strong suspicions” that money laundering had occurred at the company in liquidation (Horizon Capital Wealth LLC) then “in accordance with its obligation to uphold public policy against money laundering” the Court would only admit claims for consideration on the merits where the putative claimant “fully disclosed the source of the relevant funds and provided satisfactory evidence of the legitimate origin of the funds.”

As a result of the failure of various claimants to satisfy this gateway requirement, claims in excess of US$8.5m were precluded from being advanced in the liquidation.

Andrew George KC appeared for the Qatar Financial Centre and the Qatar Financial Centre Regulatory Authority.

The judgment may be found here.