REGIONAL BODY LAUDS QATAR’S ANTI-MONEY LAUNDERING DRIVE

DOHA, Qatar, June 23 – A regional money laundering and terror financing evaluator, has lauded Qatar’s success in implementing a framework of international best practices in this area, Qatar News Agency (QNA) reported.

The recognition was made in a statement released Monday by the Qatar Financial Centre Regulatory Authority (QFCRA), on behalf of Qatar’s National Anti-Money Laundering and Terror Financing Committee (NAMLC).

Middle East and North Africa Financial Action Task Force (MENAFATF) — a regional body responsible for evaluating a country’s progress in combating money laundering and terror financing (AML/CFT) — hailed Qatar’s success in implementing an AML/CFT framework during the task force’s 19th plenary held in Manama, Bahrain last week.

At the conference, Qatar delegates presented their progress report to MENAFATF, detailing steps taken by the country to enhance anti-laundering and terror financing framework.

Qatar implemented the new AML/CFT Law introduced in 2010.

Qatar Central Bank deputy governor and NAMLC chairman, Sheikh Fahad bin Faisal Al-Thani said, “We remain determined and focused to ensure that Qatar’s AML/CFT framework continues to meet the highest standards.

“Qatar continues to work collaboratively with international agencies to ensure its AML/CFT legal and regulatory framework is aligned with international best practices.”

Qatar’s 2010 law established a comprehensive framework for the supervision and enforcement of the fight against money laundering and terror financing, covering the full range of business sectors at risk of these threats.

Since then, NAMLC has led determined efforts by its member authorities, to deliver a national action plan to ensure that Qatar becomes a leader in combating money laundering and terror financing.

SOURCE: QNA

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