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IMF urges Qatar to extend anti-money laundering laws

The International Monetary Fund has called on Qatar to extend its anti-money laundering and anti-terrorist financing laws.

The IMF published its recommendations in a report which found that at the time of the IMF assessment, the country’s anti-money laundering law had not been tested before the courts and that only one prosecution had been launched which was subsequently abandoned.
It also said that while action has been taken to investigate terrorist acts in Qatar, no measures have been taken to investigate their funding.

The report’s findings were welcomed by Sheikh Fahad Bin Faisal Al Thani, chairman of Qatar’s National Anti Money Laundering Committee.

“We recognise the risks posed by money laundering and terrorist financing activity and we accept that tackling these complex issues will require constant vigilance and effective co-ordination,” he said.

“We acknowledge that the report identifies a number of areas for improvement and we will act swiftly and efficiently to address these matters.

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