International Chamber of Commerce Qatar (ICC Qatar) affirmed the commitment of the private sector to fight illegal financing and lauded the State of Qatar’s “great successes” in combating all forms of money laundering.
Qatar Chamber board member and secretary general ICC Qatar Dr Khalid Klefeekh al-Hajri said 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,” in line with the latest international standards followed by international organisations, including the Financial Action Group.
Al-Hajri made the statement while addressing a seminar on the developments in the fight against money laundering and the financing of terrorism. The seminar, held at Qatar Chamber’s headquarters, highlighted the latest developments in global compliance and regulation.
Al-Hajri stated that Qatar’s achievements in this area were the result of collective efforts made by all parties concerned, 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.
The seminar, which was held in collaboration with Refinitiv and was supported by the chamber, highlighted the latest developments in global compliance and regulation in the fight against money laundering and the financing of terrorism. It also highlighted the best practices, how to effectively deploy the required approach, and find solutions to mitigate this type of risk.
More than 100 participants, including representatives of banks, insurance companies, exchange companies, charities, law firms, and embassy representatives in the country attended the seminar.
Speaking at the seminar, Mohamed Daoud, Refinitiv director of Business Development and Governance, Risk and Compliance (GRC) expert, said there are a lot of banks in the Mena region that closed the accounts of companies or individuals that refused to give more details about their money transactions. He also said “thousands of accounts were closed during the past three years” in the Mena region.
According to Daoud, the Financial Action Task Force (FATF) is an inter-governmental body that was established in 1989 to ensure effective implementation of legal, regulatory, and operational measures to combat money laundering and terrorist financing. He also pointed out that there are more than 300 blacklists issued by different international bodies.
This post is also available in: العربية