ANTI MONEY LAUNDERING AND TERRORISM FINANCING COMMITTEE LAUNCHES WEBSITE

Doha, - HE Sheikh Fahad bin Faisal Al-Thani, deputy governor of Qatar Central Bank (QCB) and chairman of the National Anti Money Laundering and Terrorism Financing Committee, launched on Monday the website of the committee (www.namlc.gov.qa).

Commenting on the launch, HE Sheikh Fahad bin Faisal Al-Thani said the world is facing many challenges in the field of anti money laundering and terrorism financing, hence an efficient way to combat such actions helps to stop operations that jeopardize economic stability of countries, assess cooperation and commitment to international standards.

Qatar, represented by the committee, has given priority to combat such issues through strengthening the national law, regulations and technicalities, he added.

Qatar has also eagerly worked on strengthening the cooperation and coordination with regional and international organizations and institutions to follow the latest updated in the field, since such acts travel around the world and exchanging information from different entities is vital to fight it, he said.

The QCB deputy governor added that due to its wise leadership, Qatar has been able to set efficient regulatory systems to combat money laundering and terrorism financing as per international standards supported by Law No. 4 of 2010 on Combating Money Laundering and Terrorism Financing.

The committee set a national program in place on assessing national risks in addition to giving priority to build certified national expertise in Qatar. Since the issuance of the law, the committee set a national strategy and work plan to fight money laundering and terrorism financing in order for Qatar to be highly ranked as best practices in the field.

HE Sheikh Fahad bin Faisal Al-Thani said the committee liaised recently with national and international institutions to set a clear vision for the risks, treat them and prevent them; whereas it was effectively able to monitor the useful advances in the work plan and the resources required to achieve the goals under the law. In addition the committee focused on the required expertise and training as well as raising awareness to the risks nationally, and cooperating and coordinating regionally and internationally.

On the other hand, Essa Mohammed Al Hardan, secretary general of the National Anti Money Laundering and Terrorism Financing Committee, said the crimes of money laundering and terrorism financing represents a big danger in various economic and social aspects for different countries which calls for unifying national and international efforts to combat such acts and setting standards and mechanisms.

The committee works on keeping up with the latest updates and identifying the latest practices in the field, in addition to strengthening international cooperation to guarantee Qatar's ranking in combatting such acts regionally and internationally, he added.

The website includes the mission of the committee in addition to a section on the meaning of money laundering and its different phases and risks.

The website also includes a section about the committee and its history in addition to classifying the legislations that present a number of laws, resolutions and circulars which were issued nationally in the field of money laundering and terrorism financing. It also includes a section on international relations that covers groups, teams and national and international committees such as the Financial Action Task Force (FATF). (QNA)

Source: Qatar News Agency