QCB issues instructions on fighting money laundering

Qatar Central Bank Governor HE Sheikh Abdulla bin Saoud al-Thani yesterday issued instructions on combating money laundering and terrorism financing in the insurance sector.

The instructions are the first of their kind in Qatar and 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 and came into the force of law in the beginning of 2013, the central bank said in a said in a press release.

The statement added that 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 the menace.

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.

The statement added that by issuing these instructions, Qatar has fulfilled its commitment towards international requirements in combating money laundering and terrorism financing regarding the activities and services of financial institutions, noting that the instructions will come into effect starting from the date of issue.

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