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NAMLC Announcement 19/Feb/2010

NAMLC Announcement

Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) today welcomed the findings of the Financial Action Task Force (FATF) following its recent review of the country’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) arrangements. NAMLC emphasised its commitment to ensuring that Qatar’s AML/CFT framework meets all FATF requirements and reflects the highest international standards. Over the last eighteen months Qatar has been engaging with the FATF to conduct a comprehensive review of its AML/CFT infrastructure. As a result of that work, and with the assistance of the IMF, amendments to Qatar’s AML/CFT framework are now well advanced and are expected to be implemented shortly. A further major component of the review will be the enactment a new AML/CFT law, which is now progressing through the final stages of the legislative process. NAMLC today expressed appreciation for FATF’s recognition of the substantial work already undertaken in Qatar to address issues identified in the review. HE Sheikh Fahad Faisal Al-Thani, Chairman of NAMLC, said: “Qatar is determined that its AML/CFT framework meets the highest international standards and we have dedicated significant resources to this effort in order to ensure that our plans are completed as quickly as possible. “The Government departments and agencies represented on NAMLC have all been closely involved in this process and are working together to put in place robust regulations, strong structures, and expert personnel to deliver a highly effective system of AML/CFT deterrence and detection. “The Government of Qatar has communicated its strong commitment to FATF, and our wish to ensure that Qatar is well positioned to play its part in safeguarding the international financial system.”

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AML Laws

Law No.(4) of 2010, Combating Money Laundering and Terrorism Financing.
Law No.(3) of 2004, Combatting Terrorism.
Law No.(11) of 2004, Penal Code Of Qatar.
Law No.(23) of 2004, Code Of Criminal Procedures.

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