The Board of Directors of the Qatar Financial Markets Authority approved the amendment of Paragraph (c) of Article (4.1.2) of the Anti-Money Laundering and Terrorist Financing Rules, which required “the customer to have a bank account in a Qatari bank subject to the supervision and control of the Qatar Central Bank, through which payments are made.” All payments related to trading in securities from or to the client”, so that after the amendment, “the client owns a bank account in the State of Qatar or a bank account in the country of residence subject to the supervision of a regulatory authority, through which all payments related to trading in securities are made to or from the client.”
This mainly comes in light of the Authority’s direction and its keenness to facilitate procedures related to the transactions of investors from outside the country, as the financial payments for trading on the Qatar Stock Exchange are made through bank accounts for investors, which contributes to enhancing the attractiveness of the safe investment environment in the country, and stimulates the attraction of local investments. and foreign to the financial sector in Qatar.
The Qatar Financial Markets Authority is making unremitting efforts to develop legislation and an effective supervisory framework within international standards and the specificity of the Qatari financial sector, to ensure that its work framework and supervisory approach continuously prevent and reduce the risks of crimes related to financial markets.
The Qatar Financial Markets Authority, in coordination with the financial sector regulators and in partnership with the private sector, works to facilitate and facilitate all transactions procedures for the entities subject to its supervision, in order to achieve compliance with international standards regulating financial markets.
To this end, the Authority periodically and whenever necessary reviews the legislation it issues, in order to ensure the continued modernization and development of the capital market in the country and its survival in the circle of competition compared to other markets at the regional and global levels, and to maintain an effective legislative system that attracts investment within international standards and privacy. Qatari capital market. In this context, and based on the application of the risk-based approach in accordance with the national assessment of the risks of money laundering and financing of terrorism and proliferation under the umbrella of the National Committee for Combating Money Laundering and Financing of Terrorism, and in order to ensure the continuity of trading in securities on the Qatar Stock Exchange without cash payments, and within the requirements of Law No. (20). ) for the year 2019 issuing the Anti-Money Laundering and Terrorism Financing Law and its executive regulations issued by Cabinet Resolution No. (41) for the year 2019, the Authority’s Board of Directors approved the aforementioned amendments.
