Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) has engaged the US-based Financial Integrity Network (FIN) as its principal strategic adviser for enhancing the country’s anti-money laundering and counter-terrorist financing (AML/CFT) system.
The arrangement will help ensure Qatar meets the heightened and evolving global standards and expectations for financial integrity.
The engagement was announced in Doha by HE Sheikh Fahad Faisal al-Thani, Chairman of NAMLC and Deputy Governor of the Qatar Central Bank, and by Daniel L Glaser, on behalf of FIN. Glaser previously served as Assistant Secretary for Terrorist Financing and Financial Crimes in the US Department of the Treasury’s Office of Terrorism and Financial Intelligence from May 2011 to January 2017, where he was responsible for formulating and co-ordinating AML/CFT and sanctions policies and strategies for the US government. The engagement was signed during a ceremony held yesterday evening and was attended by a number of senior leaders and officials from both sides.
Under this new partnership, FIN will collaborate closely with NAMLC and its member authorities in reviewing the implementation and effectiveness of Qatar’s AML/CFT legal framework and international commitments, and ensuring their alignment with global standards, including those established by the Financial Action Task Force (FATF).
NAMLC’s engagement with FIN reinforces Qatar’s already strong commitment to combating money laundering and terrorist financing. Qatar’s AML/CFT framework, among the leading benchmarks in the region, criminalises all activities related to money laundering and terrorist financing. To Page 20
HE Sheikh Fahad Faisal al-Thani said: “Qatar has had a long-standing, open and productive partnership with the international community in combating money laundering and the financing of terrorism, and we are delighted to partner with FIN to build on our successes to date and ensure that Qatar’s AML/CFT regime continue to be world class.”
He added: “We have worked closely with Daniel Glaser and the other FIN principals while in their official government capacities over the years, and we have deep respect for the expertise and guidance they provided. Their support and advice will help ensure that Qatar has the most effective and robust AML/CFT framework in the region.
“Qatar is strongly committed to combating illicit financing activities, and by collaborating with FIN will ensure that it has the best advice and support. The threats from money laundering and terrorist financing present significant risks and challenges to the international community, and we look forward to working with FIN to ensure that Qatar builds on its successes to date in preventing and disrupting these illegal activities.”
Daniel Glaser commented: “We are very pleased to announce this new engagement with Qatar to ensure that its anti-money laundering and counter terrorist financing regime is comprehensive, effective, and meets ever-more demanding global expectations.
“This serious work is critical to safeguarding the integrity of the international financial system, enhancing global security, and fostering Qatar’s growth as a financial and commercial centre. This fits squarely in FIN’s mission, which is dedicated to helping clients meet the challenging and critical demands of financial integrity, especially in an environment of growing complexity and risk. We are looking forward to working with Qatar to achieve these important goals.”
FIN’s work with NAMLC will also be supported by Juan C Zarate, who served as the Deputy Assistant to the President and Deputy National Security Advisor for Combating Terrorism from 2005 to 2009, and the first ever Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes after 9/11, and Chip Poncy, who served as the inaugural Director of Strategic Policy in the US Department of the Treasury’s Office of Terrorist Financing and Financial Crimes from 2006 to 2013. Poncy also led the US delegation to FATF from 2010 to 2013.
The National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) was founded in 2002 under Law No (28) of 2002 (as amended by Law No (4) of 2010), with the primary function of setting up a national anti-money laundering and anti-terror financing strategy for the State of Qatar. NAMLC is comprised of 14 government ministries and authorities, which work together to ensure effective implementation of Qatars AMT/CFT framework. NAMLC is also responsible for international co-ordination with regional and international organisations responsible for combating money laundering and terrorism financing.
The Financial Integrity Network is a global leader in advising governments and financial institutions in the design and implementation of strategies, policies, technology and controls to protect against the full range of illicit financing threats, including terrorist financing, money laundering, and sanctions evasion.
Qatar has already issued a number of comprehensive laws that criminalise activities related to money laundering and terror financing.
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