Financial Action Task Force (FATF) discussed its report related to the State of Qatar's system for combating money laundering, combatting the financing of terrorism and the financing of armament.
The meeting concluded that the State of Qatar carried out a number of improvements to its system combatting money laundering and terrorism financing. It added that the State of Qatar's commitment to financial standards in the field are very strong, as the Qatari system achieved full marks in terms of implementing all 40 recommendations.
The Financial Action Task Force also indicated that the State of Qatar has taken strong positive steps to develop national understanding of the risks of money laundering and terrorist financing, confiscation of criminal assets, supervision of the financial and non-financial sector, and the implementation of targeted financial sanctions related to terrorist financing. The meeting concluded that the State of Qatar needs to continue strengthening the system Control in some areas, and the Financial Action Task Force will publish the report of the State of Qatar by next May.
HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani highlighted, in a speech during the meeting, the great efforts made by the State of Qatar in the field. These efforts included updating the anti-money laundering and terrorist financing law, and its associated rules and regulations to ensure the necessary effectiveness and to enhance compliance with FATF standards, in addition to strengthening the Anti-Terrorism Law to allow the full implementation of targeted financial sanctions. His Excellency stressed that the State of Qatar has, in the past 10 years, undertaken strategic and organizational reforms to strengthen the framework for combatting money laundering and financing of terrorism in accordance with FATF standards and international best practices, pointing to the need for more diligent and continuous work to keep pace with emerging challenges in this regard, stressing that the State of Qatar continues to strengthen its national systems and capabilities in this regard.
His Excellency also stressed that Qatar was not satisfied with these efforts, but rather continued to work closely with international partners to combat cross-border financial crime, noting that the matter was not limited to giving priority to bilateral and multilateral cooperation and contacts, but also focused on regional efforts, building capabilities in this field.
HE the Governor of the Qatar Central Bank reaffirmed the State of Qatar's permanent commitment to combatting money laundering, financing terrorism and financing proliferation.
