Financial Crime World

Financial Crime Prevention Techniques in Qatar Gained Spotlight Ahead of FIFA World Cup 2022

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As the highly anticipated FIFA World Cup 2022 approaches, Qatar has rolled out a robust strategy to combat expected financial crimes and maintain strong security protocols to prevent money laundering and other daunting situations with the assistance of law enforcement agencies. The country’s efforts have been hailed as among the most vigorous in the region.

Fighting Corruption and Financial Crimes

According to Dr. Hashim Al Sayed, Chairman of the Qatar Association of Certified Public Accountants (QCPA), who spoke at a recent conference on financial crime compliance, Qatar is ranked 31st out of 180 countries worldwide and a leading one in the Arab world in Transparency International’s Corruption Perceptions Index.

Robust Solutions to Deter Financial Crimes

The country has developed robust solutions to deter financial crimes, securing its economy from monetary frauds and avoiding their proliferation amidst various global crises. Experts warn that as host of the FIFA World Cup, Qatar will attract investors and financial criminals, with an expected influx of nearly 1.5 million visitors during the tournament.

Measures to Combat Financial Crimes

To combat this risk, Dr. Hashim emphasized that only those with a Hayya card will be permitted to enter the country, and that visitors will not be allowed to carry currencies worth more than QR50,000 without proper declaration. The strategy has been developed in collaboration with all law enforcement agencies to protect the economy and society.

International Collaboration and Awareness

The conference, organized by Qatar Financial Markets Authority and Global Compliance Institute, featured a range of topics including:

  • Illegal gold flow
  • Fintech in AML (Anti-Money Laundering)
  • Governance & anti-corruption
  • Other issues related to financial crime prevention

Experts believe that raising awareness and applying due diligence to combat crimes by adopting financial and technological innovations are key to the strategy’s success.

Qatar as a Model for Financial Crime Prevention

Qatar has also joined international institutions’ membership and signed agreements to reinforce its commitment to fighting fraud, making it an efficient model for other countries to follow.