Regional Body Lauds Qatar’s Anti-Money Laundering Drive

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

A statement released by the Qatar Financial Centre Regulatory Authority (QFCRA), on behalf of Qatar’s National Anti-Money Laundering and Terror Financing Committee (NAMLC), said Monday.

Middle East and North Africa Financial Action Task Force (MENAFATF), the regional body responsible for evaluating countries’ progress in combating money laundering and terror financing (AML/CFT), praised Qatar’s success in implementing an AML/CFT framework during MENAFATF’s 19th plenary held in Manama, Kingdom of Bahrain from June 16 to 18.

Qatar delegates presented their progress report to MENAFATF at this conference. The report detailed steps taken by the country to enhance the AML/CFT framework. This result follows Qatar implementing the new AML/CFT Law issued in 2010, QFCRA said.

Hailing the progress, Qatar Central Bank Deputy Governor and Chairman of NAMLC, HE Sheikh Fahad bin Faisal Al-Thani said, “We welcome MENAFATF’s recognition of Qatar’s significant progress.

“We remain determined and focused to ensure that Qatar’s AML/CFT framework continues to meet the highest standards. Qatar’s authorities continue to work collaboratively with international agencies to ensure its AML/CFT legal and regulatory framework aligns with international best-practice. We look forward to maintaining that co-operation and co-ordination going forward.”
Qatar’s 2010 Law established a comprehensive framework for AML/CFT supervision and enforcement covering the full range of business sectors at risk to money laundering and terrorism financing.

Since that time, NAMLC has led determined efforts by its member authorities to deliver a national action plan designed to ensure that Qatar becomes a leader in AML/CFT.

The adoption of the 2010 Law implemented the best international practice and, following Qatar’s most recent report to MENAFATF, Qatar’s significant actions confirmed its progress and its advancement to MENAFATF’s standard evaluation process, the QFCRA statement concluded. (QNA)

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