ANTI MONEY LAUNDERING

The QFC Regulatory Authority, while promoting the QFC as a centre for fair and ethical business, also has a statutory objective to minimise the extent to which firms can be used in connection with any type of financial crime. In keeping with its anti-money laundering (AML) and combating the financing of terrorism (CFT) objectives, the QFC Regulatory Authority maintains a dedicated unit for this purpose that monitors risks arising from financial crime, set the agenda for enhanced AML/CFT supervision of firms and to continue the process of effective implementation of the AML/CFT law and rules among others.

Under the auspices of NAMLC, QFC the Regulatory Authority has continued to work closely with other State AML/CFT agencies in further developing harmonised AML/CFT rules in line with the State Law and Financial Action Task Force (FATF) standards. It also contributed to Qatar’s on-going engagement with international standard setting bodies.

The QFC Regulatory Authority actively participates in the activities of NAMLC; it engages with Government departments and agencies to pursue the manner in which the standards on AML/CFT can be more effectively implemented by those departments and agencies.

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