Page 37 - Annual Report 2021 EN

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2021 Achievements Regulators’ Co-ordination Groups

Notwithstanding these results, the team also accomplished The QFCRA AML/CFT team works with several regulators to

several key strategic objectives during 2021: co-ordinate AML/CFT supervision across the State of Qatar.

Activity in 2021 included:
• Developed and implemented its 2021-2024 AML/CFT

Supervisory Strategy; • The co-ordination committee established in 2018 by the

• Progressed its NAMLC action plan, which incorporated 45 QCB, the QFMA, and QFCRA (the AML Working Group)
action items to address, of which 22 action items required continued to ensure the effective supervision and oversight

co-ordination with other authorities or Ministries. Forty action of institutions common to the regulatory population;

items have now been completed, including 29 during 2021; • The AML Working Group maintained a list of

• Issued new AML/CFT guidance concerning targeted overlapping FIs and agreed on a common supervisory

financial sanctions, trade-based money laundering, approach for those firms with joint regulatory
and completing the new Q26 NAMLC data collection responsibility due to overlapping supervision;

form. Guidance was also updated for the annual MLRO • QFCRA continued to contribute to the QFIU

reporting requirements, the conduct of an independent Financial Sector Forum through a joint QFIU/
review of AML/CFT, and further defining reporting QFCRA Memorandum of Understanding, in addition

requirements for the Q25 annual AML/CFT return; to contributing to the QFIU’s strategy project;

• The Sectoral Risk Assessment (SRA) was updated in • Work continued with Ministry of Commerce and Industry

2021 based on engagement with NAMLC on the National (MOCI) and the Ministry of Justice to ensure effective

Risk Assessment (NRA) and NAMLC’s assessment of supervision and oversight of the DNFBP sector. A joint
risks related to Virtual Asset Service Providers; supervisory strategy was agreed between all authorities,

• Ongoing outreach was provided to firms, including a and a permanent working group was established;

dedicated AML/CFT (virtual) Town Hall meeting for all firms, • The first joint RAV between MOCI and the QFCRA
highlighting and explaining the outcome of the SRA, the was undertaken of a DNFBP as part of the joint

results of 4 thematic reviews, recent amendments to the supervisory strategy.

AML/CFT law, Qatar’s preparation for the pending FATF
Two team members worked with NAMLC’s Project
mutual evaluation, among other AML/CFT matters, and
Working Group on Qatar’s preparation for the pending
• QFCRA had one staff member working on the FATF
FATF mutual evaluation.
Cross-Border Working Group, aiming to harmonise the

AML/CFT standards across jurisdictions and reduce the

friction in cross-border payments. FATF’s final report
recognised Qatar’s contribution to the project.