The Qatar Financial Centre Regulatory Authority (Regulatory Authority) has published a Consultation Paper and accompanying draft Anti-Money Laundering and Combating Terrorist Financing (AML/CFT) Rulebook. The proposed rules are available in full on the QFCRA website.

The revised and restructured draft AML/CFT rulebook is designed to: 

a    ensure that the Regulatory Authority AML/CFT framework takes into account ongoing work at domestic, regional and international levels on these matters and continues to remain in accordance with the Financial Action Task Force (FATF) recommendations and standards and international best practice; and

b    assist and support the effective implementation of the AML/CFT rules by QFC firms.

The existing AML/CFT framework is spread across a number of rulebooks and regulations (i.e. AML regulations, the Anti-Money Laundering rulebook (AMLR), Individuals (INDI) and General (GENE) rulebooks).  The revised rulebook will be self-contained, so that the majority of AML/CFT requirements for authorised firms and some licensed firms will be contained in one rulebook.

The revised rulebook also operates under a different approach to the Regulatory Authority?s current rules and in particular there is a distinct departure from the current AMLR, which contains significant supplementary guidance notes and appendices. 

The consultation period for responses is open until 17 January 2010.

The Consultation Paper, draft rules and details for the submission of comments can be found on the QFCRA website at:

http://www.complinet.com/net_file_store/new_rulebooks/q/f/QFCRA_6784.pdf