Financial Crime World

Qatar Takes a Stand against Money Laundering with New Anti-Financing Section

In an effort to combat money laundering and terrorism financing, Qatar’s Ministry of Commerce and Industry (MOCI) has established an Anti-Money Laundering and Terrorism Financing (AML/CFT) Section within its Companies Affairs Department.

New Anti-Money Laundering and Terrorism Financing Section Established

The AML/CFT Section was created by Decision No. 95 of 2019, with the primary goal of monitoring the implementation of AML/CFT laws and proposing amendments to ensure compliance with international recommendations and best practices. The section also coordinates with the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) to complete national risk assessments and implement its findings.

Responsibilities

The AML/CFT Section is responsible for:

  • Following up on targeted financial sanctions
  • Screening names against UN Security Council lists
  • Analyzing data and statistics related to money laundering, terrorism financing, and the financing of weapons of mass destruction
  • Drafting instructions, rules, and guidelines for designated non-financial businesses and professions (DNFBPs) under its supervision

Capacity-Building Initiatives

To enhance capacity-building, the AML/CFT Section has established training programs for Ministry staff and DNFBPs in coordination with NAMLC’s Training Center. The section also supervises and inspects chartered accountants, dealers in precious metals and stones, and trust and company service providers to ensure compliance with AML/CFT requirements.

International Cooperation

The AML/CFT Section collaborates with:

  • Competent authorities
  • Supervisory authorities
  • Qatar Financial Information Unit (QFIU) to implement AML/CFT laws and share information
  • Represents MOCI in national, regional, and international meetings related to AML/CFT

Annual Report

An annual report on the Ministry’s activities in relation to AML/CFT and financing of weapons of mass destruction is drafted by the section and submitted to the Minister of Commerce and Industry and NAMLC.

Organizational Structure

The AML/CFT Section consists of five working groups:

  • Coordination and Support
  • Off-Site Supervision
  • On-Site Supervision
  • Targeted Financial Sanctions
  • Information Systems and Statistics