Page 69 - Annual Report 2019
P. 69
66 ANNUAL REPORT 2019 POLICY AND ENFORCEMENT
Updated Anti-Money Laundering Miscellaneous rule amendments International and domestic
and Combatting the Financing - Real Estate Investment Trusts co-operation and engagement
of Terrorism Rules 2019 In June 2019, the Regulatory Authority introduced a Since its establishment, the Regulatory Authority
In December 2019, the Regulatory Authority consulted package of miscellaneous amendments to various has entered into two multilateral agreements,
on and issued the updated Anti-Money Laundering and rulebooks. Within the package of amendments, changes 40 bilateral Memoranda of Understanding, and
Combatting the Financing of Terrorism (AML/CFT) rules. were introduced through the Collective Investment 23 Alternative Investment Fund Managers
The updated rules are set out in two rulebooks: the Anti- Schemes Rules 2010 (COLL) in respect of Real Estate Memoranda of Understanding with a broad
Money Laundering and Combatting the Financing of Investment Trusts (REITs). The COLL changes are range of international jurisdictions.
Terrorism Rules 2019 and the Anti-Money Laundering and designed to create regulatory alignment with the Qatar
Combatting the Financing of Terrorism (General Insurance) Financial Markets Authority funds listing rules for REITs.
Rules 2019. The rules were introduced as a result of the The rules provide more detailed criteria for the asset
State of Qatar’s announcement in September 2019 to composition of the REIT (e.g., prohibiting the use of
strengthen its AML/CFT framework through the adoption vacant land as an asset, allowing for a broader range
of new Law No. 20 of 2019 on Anti-Money Laundering and of income streams from real estate, more extensive
Combatting the Financing of Terrorism, which amends requirements on the historical performance of assets,
and replaces Qatar’s existing law (Law No. 4 of 2010 on and requirements for fund income to be supported
Combatting Money Laundering and Terrorism Financing). through a bank guarantee in the REIT’s early years).
