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Qatar Regulator Unveils Platform To Help Fight Money Laundering and Financial Crime

Qatar has ramped up efforts against money laundering and the financing of terrorism with the launch of a new digital learning platform that raises awareness for professionals working within the country’s capital market.

The Qatari capital markets regulator – the Qatar Financial Markets Authority (QFMA) – has teamed up with the Chartered Institute for Securities & Investment (CISI) to develop the digital and educational project.

Since 2007, the CSI and QFMA have worked together on improving the qualification standards in the Qatar financial services market. Their new anti-money laundering/ combating the financing of terrorism (AML/CFT) assessment is an extension of that cooperation.

Its launch establishes Qatar as the first country in the Middle East to implement a country wide, digital, AML/CFT assessment, with a unique reporting function. Available in both English and Arabic, the successful completion of the e-learning module will be well recognised in the QFMA’s licensing process.

For public and concerned professionals, the learning programme can be accessed on any device and the QFMA will have full access to the results of an individual’s professional assessment to monitor the AML/CFT compliance across the country.

Simon Culhane, CEO at CISI, said: “We are delighted and honoured to be working with the QFMA on this important project to ensure sound training and competence standards for those working in the financial services domain in the Qatari capital market. The aim of the programme is to help increase the effectiveness of all staff to fight money laundering and the financing of terrorism, enabling the financial sector in Qatar to be at the forefront of combating money laundering and terrorism financing.

Nasser Ahmad Al Shaibi, QFMA CEO,
Nasser Ahmad Al Shaibi, CEO, at QFMA

While, Nasser Ahmad Al Shaibi, CEO of QFMA, added: “QFMA’s cooperation with the CISI, as the first capital market regulator in the Middle East joining the Institute in this project, reflects QFMA’s keenness and commitment towards promoting the awareness and the specialised technical learning of those involved in the financial market, through providing a digital platform to disseminate knowledge about combatting money-laundering and financing of terrorism, and enhancing AML/CFT compliance oversight, in addition to supporting the national efforts aimed at enhancing the efficiency of the Qatar capital market AML/CFT.

In 2019, Qatar’s central bank introduced a new law to bring the country in line with Financial Action Task Force (FATF) recommendations for fighting illicit finance. The law set out binding legal requirements for business and financial sectors related to combating money laundering and terrorist financing, including non-profit organisations and money transfer services.



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