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Fahad Faisal Al Thani: We are pleased that FATF has recognized  Qatar’s Progress on Strengthening its AML/CFT Regime 31/Oct/2010

Fahad Faisal Al Thani: We are pleased that FATF has recognized Qatar’s Progress on Strengthening its AML/CFT Regime

As part of its ongoing focus on global anti-money laundering and terrorism financing (“AML/CTF”), the Financial Action Terrorism Force (the “FATF”) welcomed the significant progress made by Qatar in strengthening its AML/CFT framework. This recognition means that Qatar will no longer be subject to FATF’s monitoring process under its ongoing global AML/CFT compliance process.

On 30 April 2010, Qatar implemented its new AML/CFT Law, which establishes a comprehensive framework for AML/CFT supervision, monitoring and enforcement, over a diverse range of business sectors and, over the course of the last eighteen months, Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (“NAMLC”) has led a national coordinated action plan to deliver on the country’s AML/CFT strategy and vision.

Following FATF’s announcement, NAMLC will continue to play a central role in promoting coordination and collaboration among the Government departments and agencies represented on NAMLC to ensure that the State’s initiatives and policies to combat money laundering and terrorist financing are fully implemented and effective. HE Sheikh Fahad Faisal Al-Thani, Chairman of NAMLC, said: “We are pleased that FATF has recognised the significant progress that Qatar has made, and we are determined to maintain our focus on this important issue to ensure that Qatar’s AML/CFT framework continues to meet the highest standards.

Qatar’s authorities have worked closely over the last eighteen months with international agencies to make certain that our AML/CFT legal and regulatory framework is in line with international best-practice. That engagement has been extremely constructive and we look forward to maintaining that level of co-operation and co-ordination going forward.”

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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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