February 28, 2024

Financial Action Task Force commends Qatar’s efforts in combating money laundering

 

The Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF) on Wednesday published the Mutual Evaluation Report of the State of Qatar, commending the efforts of Qatar in combating money laundering, and countering terrorism financing and proliferation financing.

The report assesses the level of effectiveness and compliance of Qatar’s anti-money laundering, counter-terrorism financing, and proliferation financing system with international standards, and stresses 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 Qatar the first country in the Middle East and North Africa region to achieve such a high level of compliance with all 40 recommendations in its system at this stage of the assessment.

FATF commended this achievement in its statement issued on February 24, 2023.

With regard to the effectiveness of the combating system, Qatar obtained four ratings of a substantial level of effectiveness. The report indicated that the AML/CFT system in the State of 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 the State of 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.

The Mutual Evaluation Report of the State of Qatar was adopted by the FATF in February 2023 and by the MENAFATF in May 2023.

 

 

 

 

 

 

 

Qatar tribune