Qatar Financial Information Unit (QFIU)
The Regulatory Authority 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 of terrorism. Like other national Financial Intelligence Units around the world, 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.
The QFIU is a component of Qatar’s NAMLC.
Other national partners include: Qatar Central Bank, Qatar Financial Markets Authority, Qatar Financial Centre Authority, State Security Bureau, Ministry of Interior, Criminal Investigation Department Section of Fighting Economic Crimes, Ministry of Justice, Ministry of Commerce and Industry, Public Prosecution, General Directorate of Customs, Regulatory Authority for Charitable Activities, and Ministry of Social Affairs.
National Anti-Money Laundering and Terrorism Financing Committee (NAMLC)
The Regulatory Authority 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, which is based on the standards issued by the FATF.
The Regulatory Authority is assisting NAMLC on a number of initiatives designed to identify and assess money laundering and terrorism financing vulnerabilities and threats, and to develop action plans to address these threats. The Regulatory Authority’s chief executive officer is a member of the Steering Committee that oversees these initiatives.