Qatar taking firm steps to counter money laundering
Originally published in Gulf Times on Thursday, May 19, 2011
Qatar Central Bank undertakes field visits and conducts technical auditing of all financial institutions in the state as part of its efforts to closely monitor money transactions in the global fight against terrorists
Qatar has taken a host of steps, including changes to legislation and issuing of new laws, to empower Qatar Central Bank to closely monitor financial transactions in the global fight against terrorists, members of the Qatari National Anti-terrorism Committee (NATC) said yesterday.
Speaking on the concluding day of the two-day NATC and UN Office on Drugs and Crime (UNODC) Regional Workshop on the UN Security Council Resolutions against Terrorism and their Implementation Mechanisms yesterday, NATC member Brig Ibrahim Khalil al-Mohannadi said the committee continued to be engaged with all stakeholders in Qatar.
“The NATC includes two members from the Ministry of Interior and others from a host of ministries, Qatar Central Bank and Qatar Chamber of Commerce and Industry,” he said.
Qatar Central Bank’s counter-terrorism and money-laundering chief, Ali Sultan al-Sulaiti, highlighted that based on the legislation, the central bank worked on two channels of prevention and implementation.
While prevention includes formulation of strategies and international advices, the implementation part of the eff orts see ongoing inspections and oversight of all financial institutions in Qatar.
“We issue a memo to suspect financial organisations which then have to respond to us in three days. The QCB is immediately notified if the client of the financial organisation matches the ‘list’,” al-Sulaiti said.
QCB, he said, also undertook field visits and conducted technical auditing of all fi nancial institutions in Qatar.
“Since the establishment of NATC (in 2007), we have engaged all stakeholders in Qatar who have received copies of UN resolutions related to terrorism,” al-Mohannadi said.
According to him, Law No. 4 of 2010 was issued last year on financial counter-terrorism placing “very harsh fines” and consequences on the culprits. Another instrument being used is the Article 50 of Qatar’s anti-money laundering law which provides prosecutors with legal powers to take necessary steps.
“Qatar prohibits any direct or indirect financial support to terrorist organisations... the law organises entry and exit of people and the country controls movements of people suspected to be part of terrorist organisations,” al-Mohannadi said.
Qatar’s counter-terrorism laws are inspired largely by international texts and legislation and include, Law 3 of 1963 (organising residency of foreigners), Law 14 of 1999 (weapons and ammunition), Law 15 of 2002 (civil aviation), Law 11 of 2004 (criminal law), Law 3 of 2004 (countering terrorism) and Law 13 of 2004 (establishing a committee for charitable organisations).
Responding to a question on why the charitable organisations law and the entry and exit of foreigners law were quoted at the meeting yesterday when they had been abolished, al-Mohannadi explained that the laws might have been abolished but some articles were still enforced.
“Even if they are not altogether enforced, some major articles are still in force.”
