Page 40 - Annual Report 2019

37 ANNUAL REPORT 2019 SUPERVISION AND AUTHORISATION

National Anti-Money Laundering and Economists’ Roundtable: Qatar’s
Terrorism Financing Committee (NAMLC) financial sector productivity
The Regulatory Authority chief operating officer was appointed project The QFC Authority hosted a session of the Economists’
manager of NAMLC’s Project Working Group (PWG), and two staff were Roundtable to discuss the drivers of the high and rising
seconded as full-time members. The PWG was formed to advance the productivity of Qatar’s financial sector and prospects for its
State’s AML/CFT initiatives under the National Action Plan of Qatar. The expansion. Supervision staff collaborated with economists
PWG works collaboratively with NAMLC, its members and authorities. from various Qatar ministries and private institutions, and
heard speakers representing Qatar’s Ministry of Finance,
Achievements over the year included: Brookings Doha Center, and the Qatar Stock Exchange.
• The review, revision and adoption of the State AML/CFT Law
and Rules to ensure they met the Financial Action Task Force
(FATF) standards. AML/CFT Law No. 20 of 2019 and the AML/CFT
Implementing Regulations (Decision 41 of 2019) were passed, along Macroprudential collaboration
with updated AML/CFT rulebooks for supervisory authorities.
• In addition to reviewing the above law and rules, other laws and Research and analysis produced at the macro level A meeting of the Economists’ Roundtable
regulations were reviewed and updated, in line with the FATF continued to foster the position of the Regulatory Authority
standards. Combatting Terrorism, Law No. 27 of 2019, was issued to carry out its functions effectively and to contribute
to strengthen the State’s legal framework to combat terrorism. constructively to the work of Qatar’s Financial Stability and
• NAMLC finalised its baseline National Risk Assessment, which Risk Control Committee (FSRCC), in close collaboration and
analysed and evaluated Qatar’s money laundering and terrorism partnership with senior members of staff from the Qatar
financing vulnerabilities, threats and risks, along with an assessment Central Bank and the Qatar Financial Markets Authority.
of proliferation financing, corruption, bribery and sanctions. During the year, the department held meetings with
• FATF commenced its mutual evaluation of Qatar, to assess several external stakeholders to identify and discuss key
technical compliance with the FATF forty recommendations and risks to domestic financial stability and prepared biannual
effectiveness with the eleven immediate outcomes. To support financial stability indicators reports for the FSRCC.
this effort, FATF conducted a workshop in Qatar in October
2019. FATF’s on-site assessment of the State of Qatar will begin The department provided assistance and information
in July 2020. Its objective is to assess the country’s compliance to various international organisations, including the
and effectiveness with the FATF standards to combat terrorist International Monetary Fund. It also participated in drafting
financing, money laundering, and other forms of illicit finance. the Financial Stability Report of the Qatar Central Bank.