Page 25 - Annual Report 2022 EN

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Authorisation
The Authorisation department is responsible for
assessing and approving applications from firms and
individuals seeking authorisation from the QFCRA to
conduct regulated activities in or from the QFC. The
department also acts as the interface between
applicants and the Companies Registration Office of the
QFC Authority regarding their licensing or incorporation
in the QFC.
In 2022, the department met with prospective
applicants, reviewed their submitted regulatory business
plans, and involved the Supervision department
to ensure appropriate issues management after
authorisation. During the year, 1 insurance company,
1 captive insurance company, 2 fund managers,
and 1 investment advisory firm were authorised.
The number of individuals approved to perform
controlled functions at authorised firms increased
by 29 to 440 by year-end.
Table 2:
2022 statistics
Licenced Firms
Regulated
Non-regulated
Total
Approved Individuals
Total
T ABLE OF C ONTENT S
Anti-Money Laundering/Combating the Financing of Terrorism Supervision
AML/CFT Regulatory Framework FATF Mutual Evaluation National Risk Assessment
and Sectoral Risk Assessment
The QFCRA’s AML/CFT framework is based on Law FATF conducted a Mutual Evaluation (ME) of the
No (20) of 2019 on Combatting Money Laundering State of Qatar in June 2022. Qatar’s report was The QFCRA continued to monitor any outputs from the
and Terrorism Financing (AML/CFT Law) and the discussed at the FATF Plenary in February 2023, National Risk Assessment (NRA) in line with our Sectoral
Implementing Regulations, and Law No (27) of 2019 with the outcome published in May 2023. Risk Assessment (SRA), noting no material risks were
Promulgating the Law on Combating Terrorism (CT identified that would cause any changes to our current
Law). These laws are supplemented by detailed The QFCRA’s AML/CFT team spent significant time risk-based assessment of our regulated population.
requirements under the Anti-Money Laundering and preparing for the evaluation, including updating
Combating the Financing of Terrorism Rules 2019 (AML/ the technical compliance and immediate outcome
CFTR) for financial institutions (FIs) and designated responses. Based on the onsite assessment,
non-financial businesses and professions (DNFBPs), FATF did not identify any action items or areas
and the Anti-Money Laundering and Combating of improvement related to the QFCRA.
the Financing of Terrorism (General Insurance)
Rules 2019 (AMLG) for general insurance firms.
These rules align with Financial Action Task Force
(FATF) global recommendations and standards.
In 2022, the QFCRA’s AML/CFT team continued
implementing its 2021-2024 AML/CFT Strategic
Plan. The team supervised 98 firms (64 FIs and 34
DNFBPs), following a risk-based approach considering
a firm’s activities, customers, and risk profile.
2022
64
1670
1734
440