ANTI MONEY LAUNDERING/COMBATING THE FINANCING OF TERRORISM REGULATORY FRAMEWORK

The QFC Regulatory Authority 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.  The Unit monitors risks arising from financial crime, sets the agenda for enhanced AML/CFT supervision of firms and continues the process of effective implementation of the AML/CFT requirements.

The Regulatory Authority has issued two Rulebooks that regulate AML/CFT within the QFC.  The Anti-Money Laundering and Combating Terrorist Financing Rules 2010 and the Anti-Money Laundering and Combating Terrorist Financing (General Insurance) Rules 2012 are collectively referred to as the “AML/CFT Rules”.  These Rules apply to all authorised firms and DNFBPs, including financial services firms and other professional services firms such as lawyers, auditors, accountants and trust service providers.
 
The AML/CFT Law No. 4 of 2010 defines money laundering offences, assigns duties and obligations to financial institutions and DNFBPs and established the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC).  The Law is based on the standards issued by the international AML/CFT policy-making body, the Financial Action Task Force (FATF).

 
Firms should also be aware that the following Qatari Criminal Laws apply in the QFC:
 
 
 

QATAR FINANCIAL INFORMATION UNIT AND SUSPICIOUS TRANSACTION REPORTING GUIDE AND FORM

In accordance with the AML/CFT framework, firms may be required, amongst other things, to make suspicious transaction reports to the Qatar Financial Information Unit. 

Administrative Order No. (1-2004) Establishing the FIU and its Organizational Structure

Financial Information Unit STR Guide 

When doing so, firms should use the relevant template report form provided below.

Suspicious Transaction Reports