FATF Hails Qatar's Efforts in Combating Money Laundering, Terrorist Financing

Doha, May 31 (QNA) - The Mutual Evaluation Report for the State of Qatar, by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), praised the State of Qatar's efforts in combating money laundering, terrorist financing, and proliferation financing.

According to a statement from the Qatar Central Bank, the report evaluates the compliance and effectiveness of the AML/CFT system with international standards. It also confirms that the control system in the State of Qatar is fully or largely committed to the 40 recommendations.

FATF said that Qatar has a very strong legal and regulatory framework, which makes the State of Qatar the first country in the Middle East and North Africa region whose system has a high level of compliance with all 40 recommendations at this stage of the assessment. The FATF praised this achievement in a statement released on Feb. 24, 2023.

With regard to the effectiveness of the control system, the report indicated that the State of Qatar obtained four basic levels of effectiveness. The report indicated that the AML/CFT system in the State of Qatar is particularly effective in the areas of assessing and understanding the risks of money laundering, terrorist financing, and the supervision of the financial sector and risk-based supervision of the non-financial sector, seizure and confiscation of proceeds of crime, the implementation of targeted financial sanctions related to combating terrorist financing, supervision and control of the non-profit organizations sector, and protection it from terrorist financing operations.

The report noted that the results of the evaluation of the system of combating money laundering, terrorist financing and financing of proliferation in the State of Qatar reflect its commitment to combating illicit financing, complying with the FATF standards, and contributing as a strategic partner in international efforts to combat financial crimes, and the State of Qatar continues to work to improve the control system and continuously enhances it, based on international standards and best practices.

The FATF-MENAFATF Mutual Evaluation Report for the State of Qatar was adopted by FATF in Feb. 2023, and by MENAFATF in May 2023.

State of Qatar’s Mutual Evaluation Report 2023 (Arabic Version) (English Version)

MENAFATF Elects Qatar to Co-Chair Technical Assistance Task Force

Manama, May 26 (QNA) - Middle East North Africa Financial Action Task Force (MENAFATF), during its 36th general meeting, which is was held in Manama, elected the State of Qatar as Co-Chair of the Technical Assistance and Applications Team for a two-year term. Secretary of the National Committee for Combating Money Laundering and Terrorist Financing Issa Mohammed Al Hardan is Qatar's Represent6ative in the position.

The Technical Assistance and Applications Working Group is concerned with studying the methods, trends and indicators of money laundering, terrorist financing, and proliferation financing in the Middle East and North Africa region, and coordinating the provision of training and capacity building for member states, in cooperation with international organizations and other donors.

The election of the State of Qatar is another testament to the confidence of the international community in Qatar's national authorities concerned with combating money laundering and terrorist financing.

MENAFATF Commends Qatar for Its Progress in Combating Money Laundering, Terrorist Financing

Doha, May 25 (QNA) - Middle East and North Africa Financial Action Task Force (MENAFATF) adopted the Mutual Evaluation Report for the State of Qatar, which reflects the level of compliance and effectiveness of the anti-money laundering and counter-terrorist financing (AML/CFT) system with the standards of the Financial Action Task Force (FATF).

During its 36th general meeting, which is being held in Manama, the MENAFATF commended the progress made by the State of Qatar in combating money laundering and terrorist financing.

MENAFATF members congratulated the State of Qatar on its positive results, affirming that Qatar has a strong legal and institutional framework and that the control system has been effective in many areas.

For his part, HE Special Envoy of the Minister of Foreign Affairs for Counterterrorism and Mediation in Conflict Resolution, head of the Qatari delegation participating in the meeting Dr. Mutlaq bin Majed Al Qahtani, expressed in a speech during the meeting, the State of Qatar's thanks and appreciation to the evaluation team, countries, observers and all contributors who participated in this process.

His Excellency also renewed the State of Qatar's commitment to combating money laundering, financing terrorism and financing proliferation, pointing out that the State of Qatar has given top priority to protecting the integrity of the Qatari and global financial system and combating all types of financial crimes.

He added that the State of Qatar has made great efforts to ensure the effective implementation of a strong framework to combat money laundering and terrorist financing, in line with the standards of the FATF.

HE Special Envoy pointed out that the State of Qatar has carried out strategic, organizational and operational reforms in the past ten years to enhance the implementation and alignment of the AML/CFT framework with the standards of the FATF, and in accordance with international best practices.

He stressed that all these efforts and results received great political support from the highest authorities in the country, indicating that the high-level political commitment urged all state agencies to carry out actions and activities that would strengthen the control system, adding that the state harnessed all the resources required by this stage.

HE Special Envoy of the Minister of Foreign Affairs for Counterterrorism and Mediation in Conflict Resolution stressed that the work of the State of Qatar to improve the AML/CFT system is a continuous work and will not stop there, adding that the ministry is fully aware of the areas and challenges that require the necessary improvements, and the State of Qatar continues to strengthening its system, strengthening national and international cooperation, and contributing to regional and international efforts to combat illicit financing crimes.

Visit of a Delegation from the Sultanate of Oman to leverage the State of Qatar’s Experience in the Mutual Evaluation Process by the Financial Action Task Force (FATF)

A Delegation comprising of 20 representatives of the AML/CFT authorities from the Sultanate of Oman visited the State of Qatar for 3 days during the period from 16 to 18 May 2023.

The Delegation members met representatives from 13 national authorities to exchange expertise leveraging the State of Qatar’s experience in terms of achieving Compliance with the FATF Standards and Effectiveness of the AML/CFT/CPF System.

Presentations and face-to-face discussions were held during these meetings, in addition to on-site visits to some national authorities’ premises.

Qatar Makes Strong Progress on FATF Technical Compliance

Paris, February 24 (QNA) - Financial Action Task Force (FATF) discussed its report related to the State of Qatar's system for combating money laundering, combating the financing terrorism and the financing of armament.

The meeting concluded that the State of Qatar carried out a number of improvements to its system combating money laundering and terrorism financing. It added that the State of Qatar's commitment to financial standards in the field are very strong, as the Qatari system achieved full marks in terms of implementing all 40 recommendations.

The Financial Action Task Force also indicated that the State of Qatar has taken strong positive steps to develop national understanding of the risks of money laundering and terrorist financing, confiscation of criminal assets, supervision of the financial and non-financial sector, and the implementation of targeted financial sanctions related to terrorist financing. The meeting concluded that the State of Qatar needs to continue strengthening the system Control in some areas, and the Financial Action Task Force will publish the report of the State of Qatar by next May.

HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani highlighted, in a speech during the meeting, the great efforts made by the State of Qatar in the field. These efforts included updating the anti-money laundering and terrorist financing law, and its associated rules and regulations to ensure the necessary effectiveness and to enhance compliance with FATF standards, in addition to strengthening the Anti-Terrorism Law to allow the full implementation of targeted financial sanctions. His Excellency stressed that the State of Qatar has, in the past 10 years, undertaken strategic and organizational reforms to strengthen the framework for combating money laundering and financing of terrorism in accordance with FATF standards and international best practices, pointing to the need for more diligent and continuous work to keep pace with emerging challenges in this regard, stressing that the State of Qatar continues to strengthen its national systems and capabilities in this regard.

His Excellency also stressed that the State of Qatar was not satisfied with these efforts, but rather continued to work closely with international partners to combat cross-border financial crime, noting that the matter was not limited to giving priority to bilateral and multilateral cooperation and contacts, but also focused on regional efforts, building capabilities in this field.

HE the Governor of the Qatar Central Bank reaffirmed the State of Qatar's permanent commitment to combating money laundering, financing terrorism and financing proliferation.

Meeting to discuss the findings of the National Risk Assessment related to combating money laundering, terrorism financing and mass destruction arms proliferation and the use of information in accordance with the FATF requirements

The National Anti-Money Laundering and Terrorism Financing Committee held a series of meeting on 17-21 June 2020 to discuss the National Risk Assessment process.

The meeting aimed to ensure the national authorities’ readiness for the mutual evaluation process and to optimize the efficiency of the findings of the National Risk Assessment related to combating money laundering, terrorism financing and mass destruction arms proliferation and the use of the information in accordance with the FATF requirements.

The meeting was attended by the representatives of regulators in charge of supervising financial institutions, DNFBPs and NGOs, in addition to representatives of law enforcement authorities and other AML/CFT-related government authorities.

NAMLC Meeting no. 67

The National Anti-Money Laundering and Terrorism Financing Committee held its 67th meeting (2/2020) on Monday 15 June 2020 at 11:00 am, Doha time.

The meeting was chaired by H.E. Sheikh Mohammed bin Hamad bin Qassim Al-Thani, Deputy Governor and NAMLC Chairman.

The meeting was held remotely and discussed a number of topics, including mainly the following:

1-The State of Qatar’s readiness for the Mutual Evaluation Report.

2-The impact of the COVID-19 pandemic on financial transactions

Trade-Based Money Laundering Fundamentals, Red Flags and Risk Webinar

on 10 June 2020, the National Anti-Money and Terrorism Financing Committee organized a webinar titled “Trade-Based Money Laundering Fundamentals, Red Flags and Risk Webinar”, in preparation of the FATF and MENAFATF’s Mutual Evaluation Report.

Trade-Based Money Laundering Fundamentals, Red Flags and Risk Webinar

The webinar aimed to develop the competences of the human resources working in financial and enforcement sectors and was attended by over 60 participants representing AML/CFT-related ministries and government authorities.

The webinar was co-presented by Mr. Ross Delston and Mr. Kim Manchester. Mr. Ross Delston has been an independent and AML/CFT specialist lawyer for 20 years, based in Washington D.C. He has also worked as a consultant to the IMF in AML/CFT matters since 1997 and participated in 9 AML/CFT evaluation processes, based on the FATF requirements. Mr. Kim Manchester is the General Manager of ManchesterCF which is based in Canada and offers e-training sessions on financial intelligence.

Statement of the National Anti-Money Laundering and Terrorism Financing Committee on Covid-19 Pandemic:

His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, delivered a speech on the occasion of the blessed month of Ramadan, in which he talked about the Covid-19 pandemic and the nature of the unprecedented challenges that the State is going through in terms of health, economy, safety and society. Therefore, it is unfortunate that the perpetrators of financial crimes, fraud and money laundering continue to pose a threat and reinforce their illicit schemes, taking advantage of the current situation resulting from the Covid-19 pandemic, and accordingly, the National Anti-Money Laundering and Terrorism Financing Committee and its members will not fail in these difficult circumstances to protect the financial system of the State of Qatar and ensure its safety and stability.

The State of Qatar has been keen at all times to reject financial crime in all its forms, regardless of the prevailing global situation. All the competent authorities in the State have also endeavored to identify, investigate, and eliminate every criminal scheme without neglecting the actions of everyone who seek to benefit from the situation caused by the Covid-19 pandemic. As reported in the FATF statement on Covid-19, criminals are taking advantage of the Covid-19 pandemic and the emerging vulnerabilities to conduct fraud, trade in counterfeit medicines, and offer opportunities for fraudulent investment, based on concerns associated with viruses and financial pressures.

Individuals, government entities, and the private sector must protect the State of Qatar and its financial system from any type of financial crime that may result from conditions imposed by the COVID-19 pandemic. The National Anti-Money Laundering and Terrorism Financing Committee and its member national bodies will take all necessary measures to protect the integrity of the State’s financial sector and prevent criminals from exploiting this crisis, in an effort to enable financial institutions and designated non-financial businesses and professions in the State of Qatar to maintain the leading role they play in promoting the State’s economic growth.

Financial institutions and designated non-financial businesses and professions should remain vigilant in their efforts to combat financial crime and maintain such efforts in all circumstances. The National Anti-Money-Laundering and Terrorism Financing Committee is aware of social distancing guidelines that may require some modifications to practices and procedures, however, financial institutions and designated non-financial businesses and professions must continue to monitor and report any suspected activity, including any activity related to the Covid-19 pandemic. The State’s supervisory and regulatory authorities are in the process of issuing guidelines very soon to help financial institutions and designated non-financial businesses and professions understand the threats and risks of financial crimes arising from the Covid-19 pandemic and its associated risks.

There is no doubt that in light of the growing neediness worldwide, many Qataris and benevolent residents are looking for ways to help people who have been affected by the pandemic (Covid-19). NAMLC praises the efforts made by non-profit organizations to provide assistance to those who need it and reminds everyone of the necessity of providing assistance only to legitimate charities that are authorized to collect donations by the Regulatory Authority for Charitable Activities in the State of Qatar (RACA). The list of charitable organizations registered in the State of Qatar may be found on the official website of the Regulatory Authority for Charitable Activities through the following link:
http://www.raca.gov.qa/Arabic/Charities/pages/charitieslist.aspx

In conclusion, NAMLC and its member bodies offer their sincere congratulations on the occasion of this Holy month, and evoke the statement of His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, “We are aware of the power, strength, and unity of our people from which we derive our determination to overcome this pandemic, and we, in the State of Qatar, are taking confident steps on the right path.".

His Highness enacts the issuance of the Anti-Money Laundering and Terrorism Financing Law Executive Regulations

His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, approved yesterday, the Cabinet’s Resolution No. (41) of 2019 to issue the Executive Regulations of the Anti-Money Laundering and Terrorism Financing Law No. (20) of 2019. The Law shall enter into force on the day following its date of publication in the Official Gazette.

Qatar Mutual Evaluation Workshop

The National Anti-Money Laundering and Terrorism Financing Committee hosted a workshop titled “Mutual Evaluation for the State of Qatar” on October 22-24, 2019. The workshop was attended by a group of experts from the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Task Force (MENAFATF).

The workshop addressed several important topics such as the State’s risk assessment processes, the preparation of pre-field visits, technical commitment and effectiveness evaluations. It also discussed planning for field visits and completing scheduled mutual evaluation reports, in order to engage the State of Qatar after field visits, in terms of providing its observations and views and discussing possible changes on the draft mutual evaluation report, the plenary session and the classifications, before reaching the final outputs and recommendations.

His Highness the Emir issues the Anti-Money Laundering and Terrorism Financing Law

His Highness Sheikh Tamim Bin Hamad Al Thani, Emir of the State of Qatar, enacted Law No. (20) of 2019 issuing the Anti-Money Laundering and Terrorism Financing Law, and annulling Law No. (4) of 2010. The issuance of the Anti-Money Laundering and Terrorism Financing Law by the State of Qatar falls within the State’s plan to update national legislation to keep pace with international developments in various fields. It should be noted that the State of Qatar issued the first AML legislation in 2002, pursuant to Law No. (28) of 2002 issuing the Anti-Money Laundering Law. In 2010, the State issued the AML/CFT Law No. (4) of 2010. This law enabled the State to fulfill the requirements of international standards and provided the necessary institutional and practical foundations to effectively address the incidents of money laundering and terrorism financing in the State. Considering the development of international standards and the issuance of a set of new recommendations by the Financial Action Task Force in 2012, and the issuance of the International Standards Evaluation Methodology in 2013, the State has undertaken a comprehensive review of its national legislation and updated the said Law No. (4) by issuing Law No. (20) for 2019.
The aforementioned law included a number of provisions that would enable countries to ensure that they addressed money laundering, terrorism financing, and predicate offences, in an efficient and effective manner. The provisions include the following:
• Expanding the definition of predicate offences against which money laundering behavior may take place to include all crimes and misdemeanors.
• Switching from the application of customs disclosure whereby the traveler is required to disclose their foreign currency possession, at the request of the customs authorities, to a customs declaration system that obliges all travelers to disclose their foreign currency possession on their own if they reached or exceeded the limit determined by the executive regulations.
• Reinforcing the role of the National Anti-Money Laundering and Terrorism Financing Committee in a way that enables it to assess the national system and supervise its proper functioning.
• Empowering the Financial Information Unit, the regulatory authorities and the law enforcement agencies to ensure proper implementation of the law and achieve the required effectiveness.
• Strengthening international cooperation mechanisms for all national entities in the field of combating money laundering, terrorism financing and predicate offences.
• Increasing criminal sanctions related to violating the provisions of the law.
AML/CFT Law no 20/2019 is annexed with executive regulations which clarify the executive aspects of the law and may be amended, as required based on local or international developments.