Qatar has said it is committed to the highest standards of anti-money laundering and combating the financing of terrorism (AML/CFT) and has made “significant” progress, which led it to win special applause from the Middle East and North Africa Financial Action Task Force (MENAFATF).
During the 19th plenary of MENAFATF, the regional body charged with evaluating countries’ efforts towards AML/CFT, recently in Bahrain, delegates from Qatar presented their progress report highlighting the significant steps taken to enhance the country’s AML/CFT framework, which was a result of implementing Qatar’s new AML/CFT Law issued in 2010.
“We remain determined and focused to ensure that Qatar’s AML/CFT framework continues to meet the highest standards. Qatar’s authorities have continued to work collaboratively with international agencies to ensure that its AML/CFT legal and regulatory framework aligns with international best-practice, and we look forward to maintaining that co-operation and co-ordination going forward,” Sheikh Fahad bin Faisal al-Thani, Qatar Central Bank deputy governor and chairman of Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), said.
Qatar’s 2010 Law established a comprehensive framework for AML/CFT supervision and enforcement covering the entire range of business sectors (financial and other) at risk to money laundering and terrorism financing. Since that time, NAMLC has led determined efforts by its member authorities to deliver a national action plan designed to ensure that Qatar becomes a leader in AML/CFT.
The adoption of the 2010 Law implemented the best international practice and, following Qatar’s most recent report to MENAFATF, Qatar’s significant actions confirmed its progress and its advancement to MENAFATF’s standard evaluation process.