Qatar

New Documents

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.

Qatar’s Financial Information Unit highlighted its participation in an international anti-money laundering workshop on assessing risks nonprofit organizations and charities.

News

Enforcement Actions

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.

The Qatar Financial Centre Regulatory Authority entered into a settlement with two former directors of the Doha, Qatar-based company requiring them to pay $200,000 each in satisfaction of anti-money laundering and counterterrorist financing deficiencies.


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

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 10 Substantial :
Partially Compliant : 22 Moderate :
Non-Compliant : 15 Low :

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