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Fahad Bin Faisal: Giant Strides to Fight against Money Laundering 17/Jun/2010

Fahad Bin Faisal: Giant Strides to Fight against Money Laundering

 

Following an 18-month intensive review of Qatar’s legislative framework on anti-money laundering and combating financing of terrorism (AML/CFT), the NAMLC publicly praises the collective efforts of those involved in developing a regulatory infrastructure in line with the NAMLC’s AML/CFT national vision and strategy and the highest demands of AML/CFT international best practice.

 

The culmination of this work was the enactment of Qatar’s new Law No. (4) of 2010 on Combating Money Laundering and Terrorism Financing (the Law) on 30 April 2010. However, both in advance of this law and subsequent to its enactment, a tripartite committee of financial sector regulatory bodies, formed by the Qatar Central Bank and including the Qatar Financial Markets Authority and the Qatar Financial Centre Regulatory Authority were involved in a highly collaborative exercise to coordinate and harmonise their respective AML/CFT rules and regulations. Each body’s AML/CFT rules and regulations have now been brought into force and have been designed to ensure alignment both with the new law and their compliance with Financial Action Task Force (FATF) recommendations and standards. 

 

HE Sheikh Fahad Bin Faisal Al-Thani, Chairman of NAMLC, said:

“Qatar has made giant strides in its ability to continue to successfully fight against financial crime. While such an achievement is a reflection of the ability of our highly professional financial organizations to work together, we are also indebted to the guidance and vision of individuals – not least His Excellency Sheikh Abdullah bin Saud Al Thani, the Governor of the Central Bank – who through his oversight of the Central Bank’s tripartite committee successfully guided the committee to a successful outcome.”

 

Furthermore, the Qatari Cabinet approved the signing of a memorandum of Understanding on exchanging money laundering and terrorism financing related information, between the State of Qatar and the Government of Mauritius.


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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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