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International Association of Insurance Supervisors (IAIS) The Financial Action Task Force and related Ministry of Interior, Criminal Investigation Department Section of The Group’s purposes are to contribute to global financial stabil-
organisations Fighting Economic Crimes, Ministry of Justice, Ministry of Economy ity through the support and adoption of international regulatory
IAIS comprises insurance supervisors and regulators from more than and Commerce, Public Prosecution, General Directorate of Cus- standards and the promotion of best practice where appropriate.
200 jurisdictions. Its mission is to promote effective and globally con- The Financial Action Task Force (FATF) sets the international stan- toms, Financial Institutions, and Ministry of Social Affairs. The Regulatory Authority became a member of the GIFCS in
sistent supervision of the insurance industry in order to develop and dard for combating money laundering, terrorist financing and any December, 2017.
maintain fair, safe and stable insurance markets for the benefit other related threats to the international financial system. Formed The Islamic Financial Services Board (IFSB)
and protection of policyholders and to contribute to global finan- in 1989 by leaders of countries and organisations around the world, This international standard-setting body of regulatory and supervi- Memoranda of Understanding
cial stability. The Regulatory Authority is a member of the IAIS and the FATF is an international body of governments that sets stan- sory agencies focuses on ensuring the soundness and stability of Since its inception in 2005, the Regulatory Authority has entered
actively participates in and supports its work. During the course of dards to prevent money laundering, financing of terrorism and the Islamic financial services industry. The IFSB promotes the devel- into 31 Memoranda of Understanding with a broad range of inter-
the year the Regulatory Authority completed Self-Assessment Peer proliferation of weapons of mass destruction and promotes the opment of a prudent and transparent Islamic financial services national jurisdictions and international bodies, all as a means of
Review questionnaires and provided feedback where appropri- implementation of these standards. industry through introducing new, or adapting existing international furthering co-operation, sharing information and advancing a
ate in respect of IAIS consultations and surveys. This participation, The Regulatory Authority is a member of the National Anti-Money standards consistent with Sharî’ah principles, and recommending commitment to the highest financial regulation standards.
which included attendance at the annual IAIS conference and Laundering and Combating the Financing of Terrorism Committee them for adoption.
sub-committee meetings, is important to the Regulatory Authority (NAMLC). It works closely with Qatar’s financial regulators, other The European Securities and Markets Authority
as it provides an opportunity to contribute to the IAIS’s latest policy State authorities and international bodies to ensure the effective The Regulatory Authority is an Associate Member of the IFSB and
initiatives, as well as to monitor international regulatory develop- implementation of the State AML/CFT Law No. 4 of 2010, which is throughout 2017 had an ongoing dialogue with the IFSB in devel- Engagement efforts are underway with the European Securities and
ments and best practices. oping its liquidity risk framework for Islamic banks. Markets Authority (ESMA) to establish co-operation agreements
based on the standards issued by FATF. with European Union National Competent Authorities (ENCA). Such
The International Organization of Securities Commis- In 2017, two Regulatory Authority staff were seconded to the NAMLC The Intergovernmental Working Group of Experts on an agreement will enable the Qatar Financial Centre to comply
sions (IOSCO) International Standards of Accounting and Reporting with the Alternative Investment Fund Managers Directive (AIFMD),
Committee Working Group to assist with a number of strategic ini-
As the global standard-setter for the securities sector, IOSCO works tiatives. The Regulatory Authority is assisting NAMLC on a number (ISAR) giving firms authorised by the Regulatory Authority access to Euro-
with the G20 and the Financial Services Board (FSB) on the global of initiatives designed to identify and assess money laundering The Regulatory Authority interacts closely with this organisation pean asset management business.
regulatory reform agenda. The Regulatory Authority is an Associate and terrorism financing vulnerabilities and threats, and to develop that assists developing countries and economies in transition in In November 2017, the AIFMD Memorandum of Understanding
Member of IOSCO. In 2017, a Regulatory Authority staff member action plans to address these threats. The Regulatory Authority’s the implementation of best practices for accounting and corpo- (MoU) between the Regulatory Authority and ENCA was negoti-
was appointed to one of eight committees advising the Board, chief executive officer is a member of the Steering Committee that rate governance. The objective of such initiatives is to enhance ated and approved with ESMA, which centrally represents all NCA
the Committee 5 Investment Management, and was also invited oversees these initiatives. the investment climate and promote sustainable development. for the negotiation. The AIFMD MoU will allow fund managers in
to chair a sub-committee on leverage (C5 Leverage Sub-Working The Regulatory Authority also works closely with the Qatar Financial The ISAR aims to achieve this through an integrated process of the QFC to manage and market Alternative Investment Funds to
Group), a task force required to establish technical standards fol- Information Unit (QFIU), a Qatari government regulatory agency research, intergovernmental consensus-building, information dis- professional investors in the European Economic Area under the
lowing the FSB recommendations to mitigate excessive leverage responsible for financial intelligence efforts to combat money semination and technical co-operation. AIFMD rules.
on funds.
laundering and financing of terrorism. Like other national Financial The Group of International Finance Centre Supervisors
The Regulatory Authority became a signatory to the IOSCO Multilat- Intelligence Units around the world, it requires banks, investment (GIFCS)
eral Memorandum of Understanding Concerning Consultation and companies, insurers and other financial institutions to report suspi- This long-established group of financial services supervisors has a
Co-operation and the Exchange of Information (MMoU) in a formal cious financial transactions. QFIU then analyses the information and core interest of promoting the adoption of international regulatory
signing that took place in May 2017 at IOSCO’s annual conference. disseminates the relevant data to law enforcement authorities for standards in the banking, fiduciary and AML/CFT arena. The GIFCS
The IOSCO MMoU is an international benchmark for cross-bor- further investigation and action. promotes compliance among its membership with the Basel Core
der co-operation and provides regulators with important tools to The QFIU is a component of Qatar’s NAMLC. Other national part- Principles and the FATF Recommendations. The GIFCS is recognised The AIFMD MoU allows QFC fund managers to
combat cross-border fraud and misconduct that can undermine ners include the Qatar Financial Centre, State Security Bureau, as a leading authority on the regulation of trust and company ser- manage and market alternative investment
investor confidence and lead to weakened global markets. funds to professional investors in Europe.
vice providers, and the interface of these intermediaries with AML/
CFT standards.