Qatar: QCB issues instructions on combating money laundering, terrorism financing
Source: Middle East Insurance Review | Apr 2017
Qatar Central Bank (QCB) has issued instructions on the combating money laundering and terrorism financing in the insurance sector.
The instructions, issued by QCB Governor Sheikh Abdullah Bin Saoud Al Thani, are the first of their kind in Qatar.
The instructions have been under preparation since QCB took charge of supervising and overseeing the insurance sector in line with the law on QCB and regulation of financial institutions, which was issued as Law No. 13 of 2012 effective from the beginning of 2013, according to Qatar News Agency citing QCB’s press release.
The instructions were laid out in 25 articles covering everything related to money laundering and terrorism financing in the insurance sector and provided definitions for relevant terms, as well as general and governing rules for combating these activities, the statement added.
The instructions also explained in detail the requirements of necessary measures, the classification of clients, the evaluation of operations, deciding the responsibilities and internal programmes of combating money laundering and terrorism financing, means of keeping documents and registries, and applicable punishments.
By issuing these instructions, the statement said Qatar has fulfilled its commitment towards international requirements in combating money laundering and terrorism financing via financial institutions, noting that the instructions will come into effect starting from the date of issue.