Qatar Qatar

New Documents

The Middle East and North Africa Financial Action Task Force published a mutual evaluation report covering the anti-money laundering and counterterrorist financing regime of Qatar, highlighting that the country still needs to make some major improvements to its counterterrorist financing measures.

Qatar’s Financial Information Unit noted the participation of its employees in an online workshop hosted by the Middle East and North Africa Financial Action Task Force and the Egmont Center for FIU Excellence and Leadership.

Enforcement Actions

The Qatar Financial Centre Regulatory Authority disciplined Robert Sharratt, the director of the Doha, Qatar-based non-financial business entity for misconduct and regulatory compliance failures.

The Qatar Financial Centre Regulatory Authority fined the Doha, Qata-based insurance intermediary firm for violations of the Anti-Money Laundering and Combating Terrorist Financing Rules 2010 and the General Rules 2005.


Important Facts

  • The U.S. State Department labels Qatar as a jurisdiction of concern. The country has become an increasingly important banking and financial services center in the Gulf region. Despite the growth of the banking sector and increasing options for financial services, Qatar still has a cash paid economy. There are several factors making Qatar increasingly vulnerable to the threat of money laundering, including: a large number of expatriate laborers who send remittances to their home countries; the expansion of the trade and financial sector; the liberalization and growth of the real estate sector; uneven corporate oversight; and Iran's efforts to bypass sanctions through Gulf economies. The exploitation of charities to finance terrorism continues to be a concern, as does the ability of individuals to bypass the formal financial sector for illicit financing.
  • KYC Covered Entities: Banks, real estate brokers, dealers of precious metals or stones, lawyers and notaries, trust funds and company service providers, and non-profit organizations
  • STR Covered Entities: Banks, exchange companies, finance and investment companies, insurance companies, real estate brokers, dealers of precious metals or stones, lawyers and notaries, trust funds and company service providers, and non-profit organizations
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 2 (2015); Convictions: 1 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 32 High : 0
Largely Compliant : 8 Substantial : 4
Partially Compliant : 0 Moderate : 6
Non-Compliant : 0 Low : 1

BASEL i

Rank : 39/141
Score : 5.87/10

TRANSPARENCY INTERNATIONAL i

Rank : 30/180
Score : 62/100

Tax Justice Network i

Rank : 20/133
Score : 77/100