In order to coordinate their joint efforts within an
effective mechanism to exchange information.
Al-Shaibi: “We work to strengthen cooperation with
the authorities concerning anti-money laundering and
Al-Jaida: “We are committed to fight all forms of
these illegal activities”
Qatar Financial Markets
Authority (QFMA) and Qatar Financial Center Authority (QFCA) signed, on Thursday,
February 13, 2020, a Memorandum of Understanding (“MOU”) on Anti-Money
laundering/Combating the Financing of Terrorism (“AML/CFT”).
The MOU was signed by Mr.
Nasser Ahmed Al-Shaibi, CEO of the QFMA, and Mr. Yousuf Mohamed Al-Jaida, CEO and
Board Member of the QFCA.
Mr. Nasser Al-Shaibi said,
“The MOU signed with the QFCA comes within the framework of enhancing joint cooperation
and efforts among the various national entities and institutions in the State in
respect of AML/CFT, which contributes to laying a solid ground for continued
cooperation and coordination among the various national authorities.
Mr. Al-Shaibi pointed out
that the continued cooperation among the national authorities on AML/CFT would
reflect Qatar's firm commitment in this field and contribute to highlighting
its leadership and influential role at the level of the region and the world
with regard to the control process, in addition to advancing national efforts
aimed at strengthening and developing the efficiency of AML/CFT system in the State.
Mr. Yousuf Al-Jaida said,
“The QFC's partnership with QFMA on Anti-Money Laundering and Combating the
Financing of Terrorism reflects our commitment to fight all forms of these
illegal activities and support Qatar's economic diversification and
Mr. Al Jaida added that money
laundering could damage an otherwise upstanding financial system and corrode a
country's social, political and economic fabric.
In accordance with this
MOU, the parties
agree to form a working group for the purpose of coordinating and cooperating
among themselves in respect of AML/CFT. The working group shall
provide an effective mechanism to exchange information, enhance the
co-ordination and the co-operation between the parties in to the field of
AML/CFT subject to this being within its powers. The working group shall submit
bi-annual reports and when needed on the results of
coordination, cooperation and ways of development.
The signing of the MOU
between QFMA and QFCA comes in accordance with the local legislations and the enforcement of the
provisions of the AML/CFT Law No. (20) of 2019 regarding cooperation between
national authorities on exchange of information concerning AML/CFT and the
importance of applying international agreements and the FATF recommendations
(recommendation 2 – National cooperation and coordination); and in fulfilment
of the objectives and the strategic co-operation and co-ordination between
national authorities in the field of AML/CFT.
The MOU provides that the parties shall in accordance with
applicable laws share with each other AML/CFT
information as considered necessary and appropriate in order to assist with
detection, monitoring and supervision of AML/CFT risk that fall within its
The parties shall co-ordinate with regard
to AML/CFT efforts where required including in relation to responses to
national and international organizations on AML/CFT matters. The parties shall prepare and execute
AML/CFT training to enhance and build the capabilities of both parties in
coordination with NAMLC so that efforts are not duplicated, and the desired
outcome is achieved.