Financial Action Task Force (FATF) discussed its report related to Qatar's system for combating money laundering, combating terrorism financing and the financing of armament.
The meeting concluded that Qatar carried out a number of improvements to its system combating money laundering and terrorism financing. It added that 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 FATF also indicated that 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 Qatar needs to continue strengthening the system control in some areas, and the Financial Action Task Force will publish the report of Qatar by next May.
HE Governor of Qatar Central Bank Sheikh Bandar bin Mohamed bin Saoud al-Thani in a speech during the meeting highlighted the great efforts made by 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.
He stressed that Qatar has, in the past 10 years, undertaken strategic and organisational 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 Qatar continues to strengthen its national systems and capabilities in this regard.
Sheikh Bandar also stressed that 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 QCB governor reaffirmed Qatar's permanent commitment to combating money laundering, financing terrorism and financing proliferation.
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