Doha — Qatar has achieved top compliance levels in combating financial crimes, as recognized by the Financial Action Task Force (FATF), stated Sheikh Ahmed bin Eid Al-Thani, Head of the Qatar Financial Information Unit (QFIU), during the 15th edition of the MENA Regulatory Summit.
Qatar is dedicated to leading the fight against financial crimes to safeguard its security, economy, and society, and to contribute to global efforts against such crimes.
The 15th edition of the MENA Regulatory Summit was attended by key figures, including the Governor of the Qatar Central Bank, Sheikh Bandar bin Mohammed bin Saoud Al-Thani, and the Lord Mayor of the City of London, Nicholas Lyons.
Sheikh Ahmed bin Eid highlighted Qatar’s commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of Qatar’s anti-money laundering and counter-terrorism financing system, where Qatar achieved significant success.
Qatar’s success on both technical and effectiveness levels reflects the dedication of relevant authorities to meet international standards in combating money laundering and terrorist financing. While proud of the accomplishments, Sheikh Ahmed emphasized the importance of adaptability to ongoing risks through a risk-based approach, a crucial reference for directing resources.
The Regulatory Summit is vital for the MENA region, serving as a knowledge-sharing platform among regulatory bodies, industry leaders, and financial crime experts.
Sheikh Ahmed expressed gratitude for the support from the Governor of the Qatar Central Bank and acknowledged his vision in implementing the Anti-Money Laundering and Counter-Terrorist Financing system in Qatar.
Supporting initiatives like this summit goes beyond merely increasing awareness activities. It’s about sharing practical experiences and best practices across sectors, enabling them to evaluate models and implement proven reforms. Given the economic foundations of some MENA countries and the challenges of fluctuating oil prices, rapid technological advancements, and globalization, there’s a need for regulatory oversight that balances an effective economic environment with trade freedom.
The summit covers crucial topics like trade-based financial crime, green laundering identification, the impact of FinTech on combating financial crime, and more, fostering knowledge exchange.
The summit’s goal is to establish a regulatory environment rooted in knowledge, development, and transparency. It aims to foster dialogue about regulatory models and their implementation in the private sector, supporting government efforts and overall economic growth.
Sheikh Ahmed concluded by emphasizing the need for vigilance and increased coordination in the face of challenges, especially in combating financial crime.