The worldwide watchdog preventing cash laundering and terrorist financing has slammed Qatar Central Financial institution (QCB) for making little effort to implement its personal rules prohibiting digital asset service suppliers.
In a report printed on Might 31, the Monetary Motion Job Drive (FATF) highlighted that Qatar must advance its capabilities to successfully fight evolving types of prison exercise, together with sanctioning digital asset service suppliers.
“It wants to enhance understanding of extra advanced types of cash laundering and terrorist financing,” it was famous.
In case you missed, discover out extra concerning the effectiveness of Qatar’s measures to fight cash laundering and terrorist financing within the FATF-MENAFATF mutual analysis report ➡️https://t.co/CwEJTZnb0M#moneylaundering #terroristfinancing #aml #cft #FollowTheMoney pic.twitter.com/IFiaCRxWju
— FATF (@FATFNews) June 1, 2023
It was solely in December 2019 that Qatar Monetary Centre Regulatory Authority (QFCRA) introduced that virtual asset services is probably not performed in or from the Qatar Monetary Centre (QFC).
The regulatory authority warned on the time that penalties can be imposed in accordance with the QFCRA’s rights and obligations to any agency that gives or facilitates the availability or alternate of crypto belongings.
In response to FATF’s latest report, whereas Qatar has made “optimistic and sustained progress” in gathering useful possession info for its almost accomplished unified register – a consolidation of knowledge of its residents – there may be nonetheless extra work to be executed:
“There are nonetheless not adequate controls to make sure that all info collected stays correct and up-to-date.”
Qatar’s authorities have been urged to enhance their investigative efforts in direction of cash laundering, because it was alleged its “subtle evaluation capabilities” to determine cases of cash laundering are usually not being absolutely utilized.
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Whereas Qatar has banned digital asset service suppliers, it has revealed that it’s actively exploring potential use instances for implementing a central bank digital currency (CBDC).
It was beforehand reported in June 2022 that Qatar Central Financial institution (QCB) is within the “basis stage” of issuing a CBDC.
The QCB governor Sheikh Bandar bin Mohammed bin Saoud Al Thani revealed on the time that the central financial institution was “evaluating the professionals and cons” of CBDCs and understanding the precise expertise and platform.
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