New law bolsters Qatar’s role in combating money laundering, terror funding
12 Sep 2019

His Highness the Amir Sheikh Tamim bin Hamad al-Thani on Wednesday issued Law No. 20 of 2019 to issue a law on combating money laundering and terrorism financing.

The law is effective starting from the day following the date of its publication in the official gazette.

Qatar Central Bank (QCB) said the new law will replace Law No. 4 of 2010 for combating money laundering and terrorism financing.

The legislation reflects Qatar’s continued commitment to combating money laundering and terrorism financing in all its forms, in accordance with the latest international standards adopted by major international organisations including Financial Action Task Force (FATF), QCB explained.

The law highlights Qatar’s leading and influential role in the region in setting standards in its legal and regulatory framework for combating money laundering and terrorism financing.

The new law is the result of the efforts exerted by the QCB, in co-operation with the ministries and other government agencies that are members of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee, which is responsible for protecting Qatar’s financial system from the risks of money laundering and terrorism financing.

The QCB said that Qatar is internationally recognised for its continuous efforts to combat money laundering and terrorism financing crimes and that the promulgation of the new law on combating money laundering and terrorism financing would undoubtedly strengthen its position in this regard.

The new law sets out the legal requirements binding on the business and financial sectors related to combating money laundering and terrorism financing, including non-profit organisations and money transfer services.

The new law sets severe penalties for those violating its provisions, such as financial sanctions against erring financial institutions, specific non-financial businesses and professions or non-profit organisations, and imprisonment for every person convicted of a crime of terrorism financing. The new law also strengthens measures related to international co-operation, where the widest possible co-operation and exchange of financial information will be provided to the foreign counterparts.

The QCB pointed out that the new law is an extension of the stringent legislative and regulatory initiatives issued by Qatar since 2002. In 2014, a specific law was issued to regulate the charitable work carried out by charities and institutions in the country, and in the same year another law was issued to combat cybercrime, with the aim of preventing the use of social media platforms to promote, organise or finance terrorism.

In 2017, a legal framework on local classifications was established to identify persons and entities involved in the financing of terrorism. The new law will strengthen Qatar’s leading role regionally and its international commitment to combating money laundering and terrorist financing, QCB asserted.

Read more at Gulf Times

Photo (cropped and edited): Francisco Anzola [CC BY 2.0], via Wikimedia Commons

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