Overview

QFIU

Importance of FIUs in AML/CFT

Egmont Group

Definition

EGMONT Group defined the financial information unit as a central national body responsible for requesting, receiving, analyzing, and disseminating financial information to concerned authorities, about money suspicious to be gained from crime, or requested by national legislations or regulations which were issued for the purpose of combating money laundering.  

Establishment and Start Up 

Towards achieving the objectives of the national anti-money laundering and combating terrorism financing committee, monitoring the latest developments in the related field, abiding by Qatar's obligations towards the international agencies and organizations, and finalizing the legislative and legal framework of anti-money laundering and combating terrorism financing systems in Qatar; the deputy governor, chairman of the national anti-money laundering and combating terrorism financing committee issued the decision no 1/2004 on 31/8/2004 to establish the Financial Information Unit(FIU) and approved its organizational structure. The unit started up as of October, the 17th, 2004, the date on which Sheikh Ahmed Bin Eid Al-Thani was appointed as the head of the unit. 

Organizational Structure 

The organizational structure of the unit is illustrated as shown below:   

Main Functions

Main functions can be specified in details through the roles of the three divisions, which are:

1. Financial Analysis & Dissemination Division:  This division is being reported to by all entities of any suspicious transactions through the prepared forms and takes all the necessary measures. The division is also responsible for the dissemination of precautionary circulars that the unit receives from security authorities, to financial institutions so as to take the precautionary measures.  

2. Research & Follow Up Division:  This division conducts studies, researches, and reports on anti-money laundering and combating terrorism financing. It is also responsible for following up the recent international and regional relevant developments as well as the compliance of the financial institutions with the instructions issued to them.

3. IT & International Cooperation Division:  It is responsible for technical support through usage of computer and database system in addition to enhancing the international cooperation and information sharing.

Nature of The Unit   

The concerned authority in Qatar represented in the national anti-money laundering and combating terrorism financing committee decided that FIU shall be an administrative unit that has not any security investigations power. Therefore, the Qatar Financial Information Unit refers to the competent security departments in the ministry of interior to cover these issues.