DOHA: The Commercial Bank of Qatar yesterday hosted a symposium to address the effective implementation of the new Anti Money Laundering (AML) and Combating Terrorist Financing (CFT) Laws and Regulations in Qatar. Qatar's anti-money laundering and terrorism financing safeguards (AML/CFT) were further strengthened with the passing of a new law, Emiri decree No. 4 of 2010 early this year.
The law builds upon previous measures and implements Qatar's commitment to bring the AML/CFT system in line with international standards. Under the new law, the country's National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) continue its role in setting the AML/CFT strategy and vision for Qatar.
The law also creates money laundering and terrorist financing offences and establishes a comprehensive framework for AML/CFT supervision, monitoring and enforcement, over a diverse range of business sectors.
Qatar Central Bank Deputy Governor and Chairman of the National AML/CFT Committee, Sheikh Fahad bin Faisal Al Thani, Head of Qatar's Financial Intelligence Unit and Member of the National AML/CFT Committee, Sheikh Ahmad bin Eid Al Thani, Commercialbank Group CEO, Andrew Charles Stevens and other dignitaries attended the symposium.
Speaking on the occasion, Stevens said the State of Qatar places great importance on full compliance with the highest standards of international best practice in the areas of anti-money laundering and combating the financing of terrorism.
"Such compliance is an important element in the growth of Qatar as a world class financial centre, and the confidence of the international community in the country's banks," he said.
In 2008 the International Monetary Fund carried out a detailed review of the AML and CFT framework in Qatar, and that review was adopted by the Middle East and North Africa Financial Action Task Force (MENAFATF) against money laundering and terrorism financing.
© The Peninsula 2010
