Financial Crime World

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Qatar Takes Major Step in Combating Terrorism with New National Counter-Terrorism Committee

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In a significant move to combat terrorism, Qatar has established a new National Counter-Terrorism Committee (NCTC) to coordinate the efforts of all relevant stakeholders responsible for implementing defenses against terrorist activity.

New Committee’s Tasks

The NCTC will be tasked with:

  • Preparing and supervising a national strategy for combating terrorism
  • Raising public awareness of the risks related to terrorism
  • Actively participating in international delegations

This new centralized approach is aimed at strengthening Qatar’s defenses against terrorist threats and enhancing its ability to cooperate with other countries in this effort.

New Framework for Imposing Targeted Financial Sanctions

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Qatar has also introduced a revised framework for imposing targeted financial sanctions under the Counter Terrorism Law. The new law encapsulates Qatar’s commitment to implementing United Nations (UN) sanctions and introduces greater transparency and accessibility around the sanctions framework.

Key Features of the New Framework

  • Requires designated entities and individuals to freeze funds and assets
  • Imposes additional reporting and disclosure requirements on financial institutions
  • Disrupts terrorist financing networks and prevents the misuse of Qatar’s financial system

Supervisory Bodies Issued Decisions

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In addition to the new laws, supervisory bodies in Qatar have issued decisions imposing direct obligations on regulated entities and clarifying procedures and responsibilities to reinforce the requirements of the Anti-Money Laundering (AML) Law and Counter- Terrorism Law.

Examples of Decisions Issued

  • The Board of Directors of the Qatar Financial Markets Authority (QFMA) has issued new Anti-Money Laundering and Counter-Terrorism Financing Rules that entered into force in February 2020.
    • Provides additional guidance on specific AML/CTF compliance aspects
    • Enables subject companies to maintain robust control programs

Raising Awareness and Promoting Transparency

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The Qatari Public Prosecution has also issued a decision outlining the implementation of a mechanism for targeted financial sanctions against terrorism financing and proliferation financing. This move aims to introduce greater transparency and efficiency in the sanctions framework, allowing for more effective cooperation with foreign counterparts.

Goals of Qatar’s New Laws

  • Promote awareness around money laundering and terrorism financing risks
  • Emerging trends that interact with these risks
  • Introduce greater transparency and efficiency in the sanctions framework

Next Steps for Qatar’s AML/CTF

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Effective implementation of Qatar’s new laws requires a stringent and proactive approach by the authorities to provide intended protection for the national economy. As operations are perfected and efficiencies are created, these changes will provide the necessary tools to maintain a tighter grip on the flow of funds through the financial infrastructure.

Important Considerations

  • The Qatari authorities must sustain their efforts at a steady rate to protect the health of the financial system.
  • A successful implementation of Qatar’s new laws will require constant monitoring and adaptation to emerging threats and trends.

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