Qatar CB should improve ‘understanding of more complex forms’ of financial crime and increase compliance with registered VASP the rules they set. Such recommendations were made FATF.
In case you missed, find out more about the effectiveness of Qatar’s measures to combat money laundering and terrorist financing in the FATF-MENAFATF mutual evaluation report ➡️https://t.co/CwEJTZnb0M#moneylaundering #terroristfinancing #aml #cft #FollowTheMoney pic.twitter.com/IFiaCRxWju
— FATF (@FATFNews) June 1, 2023
The specialists recommended that the Central Bank increase its capacity to effectively combat money laundering and terrorist financing, including the imposition of sanctions against VASPs.
December 2019 QFCRA warned that it would impose a fine on any firm that provides or facilitates the exchange of crypto assets. Such activities cannot be carried out in the financial center of Qatar.
In the report, the FATF noted that Qatar has made “positive and sustained progress” in collecting beneficiary information for its near-complete unified register of residents.
The Organization recommended that controls be increased to ensure the accuracy and timeliness of the data received.
Recall that on June 1, 2023, the so-called “Travel Rule” from the FATF came into force in Japan, which involves monitoring crypto transactions in order to AML.
Earlier, a similar requirement was extended to local companies by the Financial Services Commission of South Korea.
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