Page 26 - Annual Report 2022 EN
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                   Anti-Money Laundering/Combating the Financing of Terrorism Supervision





                   AML/CFT Regulatory Framework                                                              FATF Mutual Evaluation



                   The QFCRA’s AML/CFT framework is based on Law                                             FATF discussed the State of Qatar’s Mutual

                   No. (20) of 2019 on Combatting Money Laundering                                           Evaluation (ME) during its Plenary in February 2023
                   and Terrorism Financing (AML/CFT Law) and the                                             and published its report in May 2023, following

                   Implementing Regulations, and Law No. (27) of 2019                                        the on-site review conducted in June 2022.

                   Promulgating the Law on Combating Terrorism (CT
                                                                                                             FATF stated: “Qatar has made substantive improvements
                   Law).  These laws are supplemented by detailed
                                                                                                             to its system to combat money laundering and
                   requirements under the Anti-Money Laundering and
                                                                                                             terrorism financing and its technical compliance with
                   Combatting the Financing of Terrorism Rules 2019 (AML/
                                                                                                             FATF requirements is very strong. However, Qatar
                   CFTR) for financial institutions (FIs) and designated
                                                                                                             needs to make some major improvements, in its
                   non-financial businesses and professions (DNFBPs),
                                                                                                             criminal justice response to terrorist financing”.
                   and the Anti-Money Laundering and Combating the

                   Financing of Terrorism (General Insurance) Rules
                                                                                                             Qatar’s overall results for effectiveness were
                   2019 (AMLG) for general insurance firms. These
                                                                                                             positive, noting Qatar demonstrated they were
                   rules align with the Financial Action Task Force
                                                                                                             ‘Substantially Effective’ in 4 key areas, Moderately
                   (FATF) global recommendations and standards.
                                                                                                             Effective in 6 areas and Low in 1 area.

                   In 2023, the QFCRA’s AML/CFT team continued its

                   implementation of the 2021-2024 AML/CFT Strategic
                   Plan and Supervisory Strategy. In this connection, the

                   team supervised 98 firms (65 FIs and 33 DNFBPs),

                   following a risk-based approach considering a firm’s

                   activities, customers, products, and risk profile.






























                                                                                                             Qatar’s Technical Compliance results were one

                                                                                                             of the highest globally, noting Qatar received 32

                                                                                                             Compliant ratings and 8 Largely Compliant ratings.
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