qatar strengthens legal framework to curb money laundering, terrorism finance

Qatar has strengthened the legal framework to tackle money laundering and terrorist financing as a preventive approach against crimes.

This was pointed out by the Deputy Governor of Qatar Central Bank (QCB) and Chairman of the National Anti-Money Laundering and Terrorism Financing Committee, His Excellency Sheikh Fahad Faisal al Thani, at the opening of a three-day Global Conference on Money Laundering and Digital Currencies being hosted by the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), in collaboration with Interpol, Europol and the Basel Institute on Governance.

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Sheikh Fahad spoke of Qatar’s eagerness to keep pace with efforts to combat organised crimes and hoped that hosting of the conference by the committee would represent a technical dialogue to shed light on new challenges facing difference countries and to strengthen the preventive approach against the crime, as reported by Qatar Tribune.

Moreover, he also appreciated the committee for its achievements, under the umbrella of Qatar national strategy regarding the matter, listing strengthening the legal framework to combat money laundering and terrorist financing, and boosting the technical framework as the major achievements of the committee.

Sheikh Fahad explained that the idea of virtual currencies introduced in 2008 still creates global risk that obliges countries to take appropriate action to reduce the dangers of lack of oversight and the possibility of utilising it in money laundering and terrorist financing.

He warned that the downsides of virtual currencies could become a threat to national security, referring to recent debates on the risks of having criminal groups using those currencies in an untraceable way.

Following him, was the Interpol Executive Director of Police Services, Tim Morris, who regarded the Doha conference as the first of its kind in terms of the work team, bringing in Interpol, Europol and Basel Institute on Governance, together.

He stated the conference to be a result of tireless efforts made by the three organizations, with an aim to help police agencies all over the world in eliminating the related crimes.

Morris further explained that the use virtual currency poses a new challenge that obliges financial investigators to understand the risks posed by it

The conference is being held under the patronage of Prime Minister and Minister of Interior HE Sheikh Abdullah bin Nasser bin Khalifa al Thani, represented by Deputy Prime Minister and Minister of State for Cabinet Affairs HE Ahmed bin Abdullah al Mahmoud.