Qatar strict on fighting money laundering and terror financing
• QCB adopts new executive regulations
Qatar Central Bank (QCB) has announced the adoption of the new executive regulations for Law No 20 of 2019 issuing the AntiMoney Laundering and Combating the Financing of Terrorism Law, based on the innovative and strict regulatory and legislative initiatives stipulated by the law regarding combating money laundering and terrorist financing issued on September 11, 2019.
His Highness the Amir Sheikh Tamim bin Hamad al-Thani had ratified on Thursday, Cabinet decision No 41 of 2019 issuing the executive regulations for Law No 20 of 2019 on combating money laundering and terrorism financing.
According to a statement by QCB, the new executive regulations reflect Qatar’s firm and continuous commitment to combating money laundering and terrorist financing as well as fighting illicit financing in all its forms, in light of updating the international standards adopted by the main international organisations, including the Financial Action Task Force (FATF).
The executive regulations also highlight the pioneering and influential role of Qatar in the region in terms of setting standards for its legal and regulatory framework for combating money laundering and terrorist financing.
The new executive regulations are the result of the untiring efforts made by QCB along with other ministries and government bodies members of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee, which is responsible for protecting the financial system of the State of Qatar from the risks of illicit financing.
HE the QCB Governor Sheikh Abdullah bin Saud al-Thani said: “The new executive regulations come within the framework of upholding the provisions of Law No 20 of 2019 issuing the Anti-Money Laundering and Combating the Financing of Terrorism Law, and Qatar, thus stresses that combating money laundering and terrorist financing requires a strict and effective regulatory and legislative framework, whereby it determines the powers and responsibilities of each of the government agencies and relevant ministries, in relation to combating money laundering and terrorist financing”.
The Deputy Governor of QCB and Chairman of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee, stated that the new executive regulations are “the result of the tireless work and untiring efforts made by members of the committee during the past two years”. He thanked all the members of the national committee for their efforts in issuing the new executive regulations that come in the framework of enhancing the effectiveness of Qatar’s system in combating money laundering and terrorist financing.
The issuance of the new executive regulations is part of Qatar’s continuous efforts to develop an effective legal and regulatory framework that defines the responsibilities and competences of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee and its members of the other government bodies, in taking the necessary measures to effectively combat illicit financing.