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

By A Robin - June 01, 2023

Qatar

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.

(QNA)