Financial Crime World

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FATF Issues Recommendations on Anti-Money Laundering and Combating the Financing of Terrorism in Qatar

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The Financial Action Task Force (FATF) has issued its recommendations on anti-money laundering (AML) and combating the financing of terrorism (CFT) for Qatar, highlighting areas where the country needs to improve its compliance with international standards.

Compliance and Challenges

Qatar is largely compliant with several FATF Recommendations, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

However, Qatar faces challenges in implementing other recommendations, including:

  • Confiscation and provisional measures (R.4) - partially compliant
  • Terrorist financing offence (R.5) - partially compliant
  • Rules governing non-profit organizations (R.8)
  • Financial institution secrecy laws (R.9)
  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Correspondent banking (R.13)

Non-Compliance

Qatar is not compliant with several recommendations, including:

  • New technologies (R.15)
  • Reporting of suspicious transactions (R.20)
  • Transparency and beneficial ownership of legal persons and arrangements (R.24-25)
  • Regulation and supervision of DNFBPs (R.28)
  • Financial intelligence units (R.29)

Progress and Improvement

The FATF report highlights Qatar’s progress in implementing several recommendations, including:

  • Internal controls and foreign branches and subsidiaries (R.18)
  • Reliance on third parties (R.17)
  • Transparency and beneficial ownership of legal persons and arrangements (R.26-27)
  • Regulation and supervision of financial institutions (R.26)
  • Providing guidance and feedback (R.34)

Conclusion

While Qatar has made significant progress in implementing AML/CFT measures, it still faces challenges in several areas. The FATF report provides a roadmap for the country to improve its compliance with international standards and prevent the misuse of its financial system.

Note: R.1 to R.34 refer to the specific recommendations made by the Financial Action Task Force (FATF).