facebooktwittertelegramwhatsapp
copy short urlprintemail
+ A
A -
webmaster
Satyendra Pathak
Doha
Qatar’s mechanism to combat money laundering and terrorism financing is one of the best in the world, a senior official of International Chamber of Commerce Qatar (ICC Qatar) said on Tuesday.
Speaking at a seminar on ‘Developments in the fight against money laundering and financing of terrorism and its impacts on Qatar’ in Doha, ICC Qatar Secretary-General and Qatar Chamber Board Member Khalid Klefeekh al Hajri said, “Qatar is a leading country in fighting money laundering and terrorism financing. The country has adapted all possible mechanisms and is well-prepared to score high in the evaluation by the Financial Action Taskforce (FATF) this year.”
Hajri said that the issuance of the law on combating money laundering and terrorist financing last year reflects Qatar’s continued commitment to combating money laundering and terrorist financing in all its forms inline with the latest international standards followed by international organisations.
“Achievements by Qatar in this regard are the result of collective efforts made by all concerned parties including ministries and government agencies that are members of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee, which is responsible for protecting the financial system in Qatar from the risks of these practices,” he said.
Organised by ICC Qatar in collaboration with Refinitiv and supported by Qatar Chamber, the seminar highlighted the latest developments in global compliance and regulation in the fight against money laundering and the financing of terrorism in the non-banking sectors.
The seminar also highlighted the best practices, how to effectively deploy the required approach, and find solutions to mitigate this type of risk.
Hajri said that country’s private sector is committed to combating illegal financing by adopting international standards as set by FATF, the international regulator that helps combat money laundering and terrorist financing across the globe.
Talking to Qatar Tribune on the sidelines of the seminar, Refinitiv Business Development Director Mohamed Daoud said that Qatar is one of the very few countries in the region that started taking into consideration several anti-money laundering measures as early as 2002 and the country has been improving upon the mechanism ever since.
“Qatar’s mechanism to counter such threats is one of the best in the world,” Daoud said. He said that there are a lot of banks in the MENA region that close company or individual accounts if they refuse to give details about their money transactions.
“More than 200,000 accounts were closed during the past three years in the MENA region,” he said.
copy short url   Copy
29/01/2020
539