Thursday, December 26: The Qatar Central Bank (“QCB”) announced the adoption of the Implementing Regulations to Law No. (20) of 2019 on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Law, which builds on the strong and innovative legal and regulatory initiatives enacted by the AML/CFT Law No. (20) of 2019 on 11 September 2019.
The implementing regulations underscores Qatar’s commitment to combatting money laundering, terrorism financing and illicit finance (“AML/CFT”) in all of its forms, and incorporates the most recent changes to global standards adopted by international standard setters, including the Financial Action Task Force (“FATF”). The new implementing regulations places Qatar in a leadership role in the region by establishing the new benchmark for AML/CFT legal and regulatory frameworks.
The implementing regulations are the product of extensive work undertaken by the QCB, together with the other member authorities of the National Anti-Money Laundering and Terrorism Financing Committee (“NAMLC”), which includes all of the Ministries and government authorities that have responsibility for ensuring that Qatar’s financial system is protected from illicit finance.
In welcoming the new law, H.E. Sheikh Abdulla Bin Saoud Al-Thani, Governor of the QCB remarked:
"The new implementing regulations will further strengthen Qatar’s AML/CFT Law No. (20) of 2019. Qatar recognizes that combating money laundering and terrorism financing requires a strong legal and regulatory framework to make clear the powers and responsibilities of the relevant Ministries and government authorities”.
H.E. Sheikh Mohammed Bin Hamad Al-Thani, Deputy Governor of the QCB and Chairman of NAMLC, also remarked:
“The new implementing regulations is the product of substantial work undertaken by, NAMLC’s members over the last two years, and I would like to thank NAMLC members for their focus and commitment in delivering the new implementing regulations. NAMLC and its members are committed to ensuring that the new implementing regulations adds to the overall effectiveness of Qatar’s AML/CFT regime.”
The adoption of the new implementing regulations is part of the ongoing efforts by Qatar to guarantee that its legal and regulatory framework provides the mandate and all of the powers necessary for NAMLC and it member authorities to take the actions necessary to effectively combat illicit finance.