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.