Page 19 - Annual Report 2024 EN

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National Anti-Money
Laundering and
Terrorism Financing
Committee (NAMLC)
The QFCRA is a member of the National Anti-Money
Laundering and Terrorist Financing Committee
(NAMLC). It works closely with Qatar’s financial
regulators, other State authorities and international
bodies to ensure the effective implementation of
the State AML/CFT Law No. 20 of 2019, based on
the Financial Action Task Force (FATF) standards.
The QFCRA assists NAMLC on several initiatives
designed to identify and assess money laundering
and terrorism financing vulnerabilities and threats
and to develop action plans to address these threats.
The QFCRA’s Chief Executive Officer is a Steering
Committee member overseeing these initiatives.
Qatar Financial
Information Unit (QFIU)
The QFCRA works closely with the Qatar Financial
Information Unit (QFIU), a Qatari government regulatory
agency responsible for financial intelligence efforts to
combat money laundering and financing terrorism. Like
other national Financial Intelligence Units worldwide,
it requires banks, investment companies, insurers and
other financial institutions to report suspicious financial
transactions. QFIU then analyses the information and
disseminates the relevant data to law enforcement
authorities for further investigation and action.
T ABLE OF C ONTENT S
National Cooperation
on the AML/CFT Front
FATF has continued to monitor Qatar’s progress
in connection to the Mutual Evaluation report
issued in May 2023. In this regard, NAMLC has
provided updated reports to MENAFATF, noting that
MENAFATF has acknowledged the positive progress
made by Qatar to address the FATF findings. FATF
has tentatively scheduled Qatar for a follow-up
mutual evaluation to be undertaken in 2029.
The QFCRA has continued to engage with NAMLC.
In this connection, the QFCRA progressed NAMLC
action plan items, participated in the National Risk
Assessment (NRA) workshop, provided updated
data and statistics for the NRA, and participated
in NAMLC joint International Monetary Fund
(IMF) technical workshops and training.
Furthermore, the QFCRA supported the QFIU with
their forums for public-private dialogue and ensured
all QFC firms had registered with the QFIU’s new
electronic Suspicious Transaction Reporting (eSTR)
portal “Ekhtar”. Notably, one QFCRA National has been
seconded to the QFIU in 2024 to assist with ongoing
QFIU projects, including the updating of STR guidance.
The QFCRA maintained a working relationship
with the National Counter Terrorism Committee
(NCTC), ensuring that all QFC firms were registered
with the NCTC sanction alert system.
The ongoing engagement with the Ministry of
Commerce and Industry has continued throughout
2024, focusing on enhancing supervision of
the DNFBP sector, as it continues to provide
technical support to MOCI and participated
in a joint Risk Assessment Visit (RAV).