Britain's financial regulator has fined Barclays 40 million pounds ($50.9 million) for its failure to disclose payments made to Qatari entities in 2008, after the bank on Monday said it had dropped its appeal over the case.

The UK Financial Conduct Authority (FCA) has imposed a £40m ($50.3m) fine on Barclays for failing to disclose certain agreements with Qatari entities during the bank's capital raising efforts in 2008.

Britain’s Financial Conduct Authority has fined Barclays over $50 million for not disclosing payments to Qatari entities. The payments were tied to a 2008 fundraising effort to avoid a state bailout during the global financial crisis.

Regulators said Barclays should have provided more details about the cash that helped it avoid a taxpayer bailout during the 2008 financial crisis.