Page 9 - Annual Report 2019

06 ANNUAL REPORT 2019 A COMMITMENT TO INTERNATIONAL STANDARDS AND CO-OPERATION

The Financial Action Task Force and The Intergovernmental Working Group
related organisations of Experts on International Standards

The Financial Action Task Force (FATF) sets international The Regulatory Authority also works closely with the of Accounting and Reporting (ISAR)
standards for combatting money laundering, terrorist Qatar Financial Information Unit (QFIU), a Qatari The Regulatory Authority interacts closely with this organisation
financing and other related threats to the international government regulatory agency responsible for financial that assists developing countries and economies in transition
financial system. Formed in 1989 by the ministers of its intelligence efforts to combat money laundering and in the implementation of best practices for accounting and
jurisdictions around the world, the FATF is an international financing of terrorism. Like other national financial corporate governance. The objective of such initiatives is to
body that sets standards to prevent money laundering, intelligence units around the world, it requires banks, enhance the investment climate and promote sustainable
financing of terrorism and proliferation of weapons of investment companies, insurers and other financial development. The ISAR aims to achieve this through an
mass destruction, and promotes the implementation of institutions to report suspicious financial transactions. integrated process of research, intergovernmental consensus
these standards. building, information dissemination and technical co-operation.
The QFIU then analyses the information and
The Regulatory Authority is a member of the National disseminates the relevant data to law enforcement
Anti-Money Laundering and Terrorism Financing authorities for further investigation and action.
Committee (NAMLC). It works closely with Qatar’s financial The QFIU is a component of Qatar’s NAMLC. Other
regulators, other State authorities and international bodies national partners include the QFC, the State
to ensure the effective implementation of the State AML/ Security Bureau, the Ministry of Interior, the Criminal
CFT Law No. 20 of 2019 on combatting money laundering Investigation Department Section of Fighting
and terrorism financing, which is based on the standards Economic Crimes, the Ministry of Justice, the Ministry
issued by the FATF. of Economy and Commerce, the Public Prosecution,
the General Directorate of Customs, financial
In 2019, the Regulatory Authority’s chief operating officer institutions, and the Ministry of Social Affairs.
was appointed project manager of NAMLC’s Project
Working Group (PWG) and two Regulatory Authority staff
were seconded to this group to assist with a number of
strategic initiatives. The Regulatory Authority is assisting
NAMLC on initiatives designed to identify and assess
money laundering and terrorism financing vulnerabilities
and threats, and to develop action plans to address them.