The drafting of a law aspect was mentioned as part of Qatari authorities' response to the International Monetary Fund (IMF) assessment of Qatar laid out in the 'Observance of Standards and Codes -- FATF Recommendations for Money Laundering and Combating the Financing of Terrorism' report issued last week.

The FATF 40 + 9 recommendations provide a complete set of counter-measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation and international cooperation.

The IMF report was completed on September 12. Although it stated money laundering was not a big issue in the country, its findings included Qatar should extend the scope of money laundering as an offence with respect to the FATF list of predicate offenses.

"The Financing of Terrorism (FT) offence needs revising to include all the material elements called for under the standard. A coherent system needs to be established for the declaration/disclosure of the physical cross-border transportation of currency and bearer negotiable instruments."

The IMF also called for coordination and cooperation between Qatar's National Anti-Money Laundering Committee and the National Committee for Fighting Terrorism. "Coordination and cooperation could nevertheless be enhanced further by including other authorities, in particular the Qatar Financial Centre (QFC)Qatar Financial Centre (QFC) and the Doha Securities Market."

Qatar has welcomed the report and the assessments made. Authorities here said: "The introduction of the Qatar Financial Markets Authority (QFMA)Qatar Financial Markets Authority (QFMA) is a step in the right direction to meeting the IMF recommendations. "The decision to create a new single regulator will mean all financial institutions in Qatar will be subject to the measures (including the AML/CFT) currently upheld by the QFCQFC."

Qatar is implementing AML/CFT measures by each of the supervisory authorities, including amendments to regulations and rulebooks, to enhance the preventive measures for all financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs).

Authorities added: "The government is acutely aware of the risks attendant on a rapidly-growing financial sector and is committed to the continued development of a robust AML/CFT framework, including the development of a legal and regulatory regime that will ensure ongoing high-level compliance with the FATF 40 + 9 regulations."

© The Peninsula 2008

 

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