Qatar Central Bank Strengthening Capacities to Fight Money Laundering

HE Sheikh Fahad bin Faisal al-Thani, Qatar Central Bank (QCB) deputy governor and chairman of the National Anti-Money Laundering and Terrorist Financing Committee on Sunday launched the first permanent program entitled "Strengthening Capacities to Fight Money Laundering and Terrorist Financing ".

The five-day event, which is being held at Qatar Credit Bureau, is organized by Qatar's national committee. In his opening remarks, QCB deputy governor stressed the importance of upgrading the staff involved in combating money laundering and the financing of terrorism in the light of the increased challenges posed by using modern methods knowledge in all the various criminal activities, in order to tackle the menace.

The committee's decision to adopt this program aims to train professionals and public officials to analyze and verify financial documents and understand money laundering and terror finance methodologies to counter the dangers posed by these activities, HE al-Thani said. Sincere determination is a key element to assure the effective implementation of the national programs and the measures taken to date by the Qatari authorities in this respect as well as the enforcement of internationally accepted standards against money laundering and terrorism financing , he added.

Concluding, Sheikh Fahad bin Faisal al-Thani expressed hope that the State of Qatar would have a permanent national program on financial analysis, or investigation in transaction monitoring that could develop a practical guide for the regional issues associated with money laundering and terrorist financing .

For his part the Head of Qatar Financial Information Unit (QFIU), HE Sheikh Ahmed Bin Eid Al Thani said this program is part of the National Anti-Money Laundering and Terrorism Financing Committee's strategy to counter money laundering and terrorism financing.

An important part of the program, which is being launched today, is designed to enhance the training capacities of participants from the financial and non-financial sectors, including the security services and the state law enforcement agencies. Qatar’s national anti-money laundering and combating terrorism financing committee was established in 2002 and is made up of a number of senior officials from the QCB, Ministry of Interior and Ministry of Finance among others.

The Financial Action Task Force (FATF), an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing, has hailed the remarkable progress made by the State of Qatar to combat money laundering and terrorist financing.

In October 2010, the FATF publicly welcomed the significant progress in improving the AML/ CFT regimes in Qatar and noted that its jurisdictions met their commitments in their action plans regarding the strategic AML/CFT deficiencies that the FATF had identified in February 2010.(QNA)

Source: Global Arab Network