The State of Qatar, in recent years, has taken a number of concrete measures from enacting new laws to enhancing international coordination to combat financial crimes.
Qatar’s efforts in this direction have born fruits as the country as among the nations which have successfully confronted financial crimes winning global appreciation.
H E Sheikh Mohammed bin Hamad Al Thani, Deputy Governor of Qatar Central Bank (QCB), who is also the Chairman of the National Anti-Money Laundering & Terrorism Financing Committee, addressing at ‘Compliance Challenges and Combating Financial Crime Conference’ emphasized the need to unify efforts to confront and combat financial crimes, which are developing rapidly with the advancement of technology.
The Deputy Governor of QCB also urged the financial institutions to understand the risks of financial crimes of all kinds and to apply due diligence in combating them according to best practices, adopting financial technology innovations and promoting financial inclusion.
Qatar has made the necessary amendments to a number of laws related to combating money laundering and terrorist financing which contributes to setting the best legislative practices for an integrated system.
The two-day conference, organised by the Union of Arab Banks and the World Union of Arab Bankers, under the auspices of the QCB, held last week with the participation of a group of senior specialists in the field of financial crime, anti-money laundering and terrorist financing from various countries of the world.
The Deputy Governor of the QCB said that Qatar has reviewed all legislation related to combating money laundering and terrorist financing in accordance with the international standards issued by the Financial Action Task Force (FATF). He referred to the issuance of law No. 20 of 2019 on combating money laundering and terrorism financing to replace Law No. 4 of 2010 and the issuance of law No. 27 of 2019 on counter-terrorism to replace law No. 3 of 2004.
Meanwhile, Chairman of the Union of Arab Banks Sheikh Mohammed Al Jarrah Al Sabah praised the success of the State of Qatar in the field of combatting money laundering and the financing of terrorism, calling for the region to benefit from the country’s experience.
Speaking at the conference, he said that choosing Doha as the host of the conference was mainly to try to understand and benefit from the country’s experience in the field, adding that the State of Qatar has been vigilant in the face of financial crimes.
