Qatar Central Bank (QCB) has announced the adoption of the new executive regulations for Law No. (20) of 2019 issuing the Anti-Money Laundering and Combating the Financing of Terrorism Law, based on the innovative and strict regulatory and legislative initiatives stipulated by the law regarding combating money laundering and terrorist financing issued on September 11, 2019.

His Highness the Amir Sheikh Tamim bin Hamad Al Thani had ratified on Thursday, Cabinet decision No 41 of 2019 issuing the executive regulations for Law No 20 of 2019 on combating money laundering and terrorism financing.

The new executive regulations reflect Qatar's firm and continuous commitment to combating money laundering and terrorist financing as well as fighting illicit financing in all its forms, according to a statement by QCB.

مصرف قطر المركزي يعلن اعتماد اللائحة التنفيذية الجديدة للقانون رقم (20) لسنة 2019 بإصدار قانون مكافحة غسل الأموال وتمويل الإرهاب، والتي تستند للمبادرات التنظيمية والتشريعية التي ينص عليها هذا القانون بشأن مكافحة غسل الأموال وتمويل الإرهاب الصادر في 11 سبتمبر 2019.#قنا

— وكالة الأنباء القطرية (@QatarNewsAgency) December 26, 2019

The regulations are in line with international standards adopted by the main international organizations, including the Financial Action Task Force (FATF).

The executive regulations also highlight the pioneering and influential role of Qatar in the region in terms of setting standards for its legal and regulatory framework for combating money laundering and terrorist financing.

The new executive regulations are the result of the untiring efforts made by QCB along with other ministries and government bodies members of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee, which is responsible for protecting the financial system of the State of Qatar from the risks of illicit financing.

His Excellency the QCB Governor Sheikh Abdullah bin Saud Al Thani said, "The new executive regulations come within the framework of upholding the provisions of Law No. 20 of 2019 issuing the Anti-Money Laundering and Combating the Financing of Terrorism Law, and Qatar, thus stresses that combating money laundering and terrorist financing requires a strict and effective regulatory and legislative framework, whereby it determines the powers and responsibilities of each of the government agencies and relevant ministries, in relation to combating money laundering and terrorist financing,"

The Deputy Governor of QCB and Chairman of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee, stated that the new executive regulations are "the result of the tireless work and untiring efforts made by members of the committee during the past two years."

He thanked all the members of the national committee for their efforts in issuing the new executive regulations.

The issuance of the regulations comes under Qatar's continuous efforts to develop an effective legal and regulatory framework that defines the responsibilities and competencies of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee and members of the other government bodies.

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Source: QNA