The Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF) have commended Qatar’s efforts in “combating money laundering, countering terrorism financing and proliferation financing”.
The report assessed the level of effectiveness and compliance of Qatar's anti-money laundering, counter-terrorism financing and proliferation financing system with international standards, and stressed that the combating system in Qatar is compliant or largely compliant with all 40 recommendations.
Accordingly, the FATF reported that Qatar has a very strong legal and institutional framework, which makes it the first country in the Middle East and North Africa region to achieve such a high level of compliance in its system at this stage of the assessment.
FATF commended this achievement in its statement issued on February 24 this year.
With regard to the effectiveness of the combating system, Qatar obtained four ratings of a substantial level of effectiveness, Qatar Central Bank (QCB) said on Tuesday.
The report indicated that the AML/CFT system in Qatar is particularly effective in the areas of assessing and understanding the risks of money laundering and terrorism financing, risk-based supervision of the financial and non-financial sectors, seizing and confiscating proceeds of crime, implementing targeted financial sanctions related to combating the financing of terrorism, and supervising and monitoring the non-profit sector and protecting it from terrorist financing abuse.
The outcomes of the assessment of the AML/CFT and proliferation financing system in Qatar demonstrate the country's robust commitment to combating illicit financing, complying with the FATF standards, and contributing as a strategic partner in the international efforts to combat financial crimes.
Qatar continues to improve and continuously strengthen its combating system based on international standards and best practices, QCB noted.
