Recent Posts

Archive

Tags

Compliance with International Standards on AML/CFT in Qatar: Gap Analysis

This technical compliance report seeks to pre-empt the findings of the 2017 Mutual Evaluation Report by the Financial Action Task Force (FATF) Qatar Taskforce. This will enable the QFIU (Qatar Financial Information Unit) to propose the required amendments needed in Qatar’s laws prior to the arrival of the Taskforce, so that Qatar may comply more fully with the FATF Recommendations and achieve a higher rating than in previous evaluations. The technical compliance report herein identifies the recommendations in which Qatar meets the requirements and those where further amendments are required.
Clinic: Qatar University

Executive Summary


This technical compliance report (the “Report”) seeks to pre-empt the findings of the 2017 Mutual Evaluation Report by the Financial Action Task Force (FATF) on Qatar. This will enable the Qatar Financial Information Unit (QFIU) to propose the required amendments needed in Qatar’s laws prior to the arrival of the FATF and in order that Qatar may comply more fully with the FATF Recommendations (the “Recommendations”) and achieve a higher rating than the previous evaluations. The Report herein identifies the Recommendations in which Qatar meets the requirements and those where further amendments are required.


The Report applies the latest FATF evaluation methodology. The FATF methodology is framed to a set of Recommendations which cover several sectors to maintain the security in the domestic and in the international level with regards to the issue stated. Countries that are part of the FATF organization shall meet with those Recommendations to get full compliance. Recommendations are divided into forty (40) basic headings that cover measures and procedures which shall be implemented by the competent authorities in their respective countries.


Despite its small geographical space, Qatar like its neighbouring GCC countries, is one of the wealthiest countries in the world. It is considered as a strong economic and financial asset internationally. Qatar played a huge political role in spreading peace and mediating between countries or parties in dispute especially in the MENA region. However, for a long time now Qatar has been facing accusations of sponsoring terrorism by having easy and flexible laws and regulations which enable terrorists and those who finance terrorism to operate freely within its borders. Due to its legislative deficiency, the Emir of Qatar was put in a weak position and had to personally respond to these allegations in a live interview to clarify Qatar’s standing towards terrorism and its refusal for such actions.