FATF points out Qatar’s central bank to weak oversight of crypto firms


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.

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.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!


Leave a Reply