ANTI MONEY LAUNDERING LAW

The Financial Services Regulations confer upon the QFC Regulatory Authority responsibility in relation to the prevention and detection of money laundering, terrorist financing or other financial crime in the QFC.

The QFC Anti-Money Laundering and Countering Terrorism Financing Rules provide the QFC compliance framework and detailed requirements in relation to AML/CFT. The rules have been designed to be in accordance with the State Law – No (4) of 2010 Anti-Money Laundering Law and aligned to the Financial Action Task Force global recommendations and standards.  In addition, relevant Qatari criminal laws in relation to this subject continue to apply in the QFC. The principal Qatari Laws are provided below:  

  
Administrative Order No. (1-2004) Establishing the FIU and its Organizational Structure
Anti-Money Laundering Law No. (4) of 2010
Law No (3) of 2004 on Combating Terrorism
Law No. (11) of 2004 (Penal Code of Qatar)
Law No. (23) of 2004 (Code of Criminal Procedures)

In accordance with these Laws and the QFC Anti Money Laundering Regulations, firms may be required, amongst other things, to make suspicious transaction reports to the Qatar Financial Information Unit. When doing so, firms should use the relevant template report form provided below.

SUSPICIOUS TRANSACTION REPORTING GUIDE AND FORM

  
FIU STR Guide