Financial Crime World

FATF Recommends Strengthening Anti-Money Laundering and Combating Terrorism Financing Regime in Qatar

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The Financial Action Task Force (FATF) has conducted a comprehensive assessment of Qatar’s anti-money laundering (AML) and combating terrorism financing (CFT) regime, highlighting areas of strength and weakness.

Assessment Methodology

The review was conducted using FATF’s AML/CFT assessment methodology, which took into account information provided by Qatari authorities, on-site visits, and other verifiable data. A team met with officials from government agencies and the private sector to discuss Qatar’s institutional framework, laws, regulations, guidelines, and systems in place to prevent money laundering and terrorist financing through financial institutions and non-financial businesses and professions.

Areas of Strength

The assessors evaluated the capacity, implementation, and effectiveness of these measures. The report highlights several areas of strength, including:

  • A robust legal framework that criminalizes money laundering and terrorist financing
  • Effective regulation and supervision of financial institutions
  • Strong customer due diligence requirements for financial institutions

Areas for Improvement

However, the report also identifies several areas where Qatar can improve its AML/CFT regime, including:

  • Enhancing the effectiveness of its sanctions regime to prevent terrorist financing
  • Improving cooperation with other countries to share information and coordinate efforts against money laundering and terrorist financing
  • Strengthening the supervision and monitoring of non-financial businesses and professions

Recommendations for Strengthening the System

The report provides a summary of Qatar’s AML/CFT measures at the time of the assessment or shortly thereafter, analyzing the country’s compliance with FATF’s 40+9 Recommendations. The report also offers recommendations for strengthening certain aspects of the system, including:

  • Improving the availability and accessibility of beneficial ownership information
  • Enhancing the use of advanced technologies to detect and prevent money laundering and terrorist financing
  • Increasing international cooperation and coordination to combat these threats

By implementing these recommendations, Qatar can further strengthen its AML/CFT regime and contribute to the global fight against money laundering and terrorist financing.