Following an 18-month intensive review of Qatar’s legislative framework on anti-money laundering and combating financing of terrorism, the National Anti Money Laundering (NAMLC) has commended the collective efforts of those involved in developing a regulatory infrastructure in line with the NAMLC’s AML/CFT national vision and strategy and the highest demands of AML/CFT international best practice.
The culmination of this work was the enactment of Qatar’s new Law No. (4) of 2010 on Anti-Money Laundering and Combating the Financing of Terrorism (the Law) which commenced April 30, 2010. However, both in prior to this law and following its enactment, a tripartite committee of financial sector regulatory bodies, formed by the Qatar Central Bank (QCB) and including the Qatar Financial Markets Authority and the Qatar Financial Centre Regulatory Authority were involved in a highly collaborative exercise to coordinate and harmonise their respective AML/CFT rules and regulations.
Each body’s AML/CFT rules and regulations have now been brought into force and have been designed to ensure alignment both with the new law and their compliance with FATF recommendations and standards. NAMLC Chairman, Sheikh Fahad Faisal Al-Thani, said: “Qatar has made giant strides in its ability to continue to successfully fight against financial crime. Such an achievement is a reflection of the ability of our highly professional financial organisations to work together.”
Source: The Peninsula
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