A report just issued by the International Monetary Fund (IMF) has given Qatar a clean bill of health stating there is no terrorism financing and minimal money laundering taking place in the country, if at all.
The review of Qatar's anti-money laundering and combating the financing of terrorism (AML/CFT) framework drew a positive reaction from H E Sheikh Fahad bin Faisal Al Thani, Qatar Central Bank (QCB) Deputy Governor and Chairman of the National Anti Money Laundering and Terrorist Financing Committee.
The report, adopted by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), followed a detailed review of Qatar's AML/CFT framework and revealed Qatar has made significant progress since the previous AML/CFT report adopted by FATF in June 2002.
Qatar has taken a number of important steps since 2002, including issuing laws and regulations to establish the AML/CFT legal and institutional framework, becoming active members in regional and international organisations and acceding to relevant international conventions and treaties
Sheikh Fahad noted the report contains a number of important recommendations to improve Qatar's AML/CFT framework and confirmed that Qatari authorities are actively implementing measures to address these recommendations in order to ensure ongoing compliance with the FATF's Forty Recommendations and Nine Special Recommendations on Terrorist Financing.
He said authorities here are acutely aware of the risks attendant on a rapidly-growing financial sector and safeguarding against money laundering and terrorist financing requires constant vigilance and a comprehensive national strategy. He also expressed confidence Qatar is equipped to ensure these safeguards remain in place and reiterated the important role of the National Anti-Money Laundering and Terrorism Financing Committee pledged to coordinate its partners within the government, the regulatory community and the financial services sector,and to closely monitor this area, to ensure that Qatar continues to develop a robust AML/CFT framework that meets international standards.
Sheikh Fahad said: "Qatar is committed to implementing measures to ensure ongoing compliance with the FATF's Forty Recommendations and Nine Special Recommendations on Terrorist Financing and to safeguarding Qatar's growing reputation as a world-class financial centre operating in line with the highest international standards."
He said: "We recognise the risks posed by money laundering and terrorist financing activity and we accept that tackling these complex issues will require constant vigilance and effective co-ordination. I am confident that, here in Qatar, we are positioned to unite the efforts of all interested parties to guard against these risks and to ensure the stability, transparency and security of our financial systems. Qatar is in a strong position to meet this commitment, particularly taking into account the IMF's findings that there is no evidence of significant money laundering activity in Qatar and that Qatar has one of the lowest levels of corruption in the region."
Qatar has developed a comprehensive institutional AML/CFT framework with the establishment of the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), the National Committee for Fighting Terrorism (NCT) and the Financial Information Unit, which has been an active member of the Egmont Group since 2005.
Source: The Peninsula
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