International praise for Qatar’s efforts in combating money laundering and terrorist financing

The Qatar Central Bank announced that the State of Qatar has achieved advanced results in the joint evaluation of the FATF and MENAFATF.. The Qatar Central Bank revealed that the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF) published yesterday the mutual evaluation report of the State of Qatar, praising the efforts The State of Qatar in combating money laundering, financing terrorism and financing proliferation.
The report, which assesses the compliance and effectiveness of the anti-money laundering, terrorist financing and proliferation financing system with international standards, confirms that the control system in the State of Qatar is fully or largely compliant with all forty recommendations.
Qatar Central added.. Accordingly, the Financial Action Task Force stated that Qatar has a very strong legal and regulatory framework, which makes the State of Qatar the first country in the Middle East and North Africa region whose system has a high level of compliance with all forty recommendations at this stage of the assessment . The Financial Action Task Force commended this achievement in its statement issued on February 24, 2023.
With regard to the effectiveness of the control system, the State of Qatar obtained four grades for a basic level of effectiveness, as the report indicated that the AML/CFT system in the State of Qatar is particularly effective in the areas of assessing and understanding the risks of money laundering and terrorist financing, and risk-based supervision and control of the financial sector and the non-financial sector. Seizing and confiscating proceeds of crime, implementing targeted financial penalties related to combating the financing of terrorism, supervising and controlling the non-profit organizations sector, and protecting it from abuse in terrorist financing operations.
The Qatar Central Bank affirmed that the results of the evaluation of the anti-money laundering, financing of terrorism and proliferation financing system in the State of Qatar reflect the country’s commitment to combating illicit financing, complying with the standards of the Financial Action Task Force and contributing as a strategic partner in international efforts to combat financial crimes. The State of Qatar continues to improve and continuously strengthen its control system, based on international standards and best practices.
The Mutual Evaluation Report for the State of Qatar was adopted by the Financial Action Task Force in February 2023 and by the Financial Action Task Force for the Middle East and North Africa in May 2023.