{"id":16942,"date":"2023-06-01T19:08:39","date_gmt":"2023-06-01T23:08:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/qatar-needs-to-make-some-major-improvements-money-laundering-watchdog-says\/"},"modified":"2023-06-01T19:08:40","modified_gmt":"2023-06-01T23:08:40","slug":"qatar-needs-to-make-some-major-improvements-money-laundering-watchdog-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16942","title":{"rendered":"Qatar Needs To Make Some \u2018Major Improvements\u2019: Money Laundering Watchdog Says"},"content":{"rendered":"<div>\n<p>Qatar needs to make some \u201cmajor improvements,\u201d on how it responds to terrorist financing, according to a global money laundering and terrorist financing watchdog.<\/p>\n<p>The Financial Action Task Force accused Qatar of not having enough controls and needs to better understand \u201cmore complex forms of money laundering and terrorist financing,\u201d according to a report released by the watchdog on <u>Wednesday<\/u>.\u00a0\u00a0<\/p>\n<p>The report summarized anti-money laundering and counter-terrorist financing measures from an on-site visit from June 19 to July 7, 2022, according to the report.\u00a0<\/p>\n<p>Qatar has \u201ca good overall understanding of money laundering and terrorism risks,\u201d at the national level, the watchdog said.\u00a0<\/p>\n<p>\u201cNonetheless, further work is necessary to ensure that law enforcement and supervisors are implementing these reforms, particularly in relation to Qatar\u2019s judicial system,\u201d FATF said.\u00a0<\/p>\n<p>Qatar is investigating more money laundering cases, though the total number of those cases prosecuted remains low overall, the watchdog said.\u00a0<\/p>\n<blockquote>\n<p>\u201cAuthorities are investigating a range of ML [money laundering] offences; however, case studies suggest that authorities can continue improving their investigations to identify the role Qatar may play in broader, complex or professional ML schemes and networks. Nevertheless, authorities are well-equipped and aware of the current ML risks and are continually improving their abilities to pursue ML.\u201d<\/p>\n<\/blockquote>\n<h2>FATF taking the lead\u00a0<\/h2>\n<p>Raja Kumar, FATF president, <u>called<\/u> on the G-7 to put an end to \u201clawless spaces\u201d and to take the lead to regulate cryptocurrencies, in a statement on May 18.\u00a0<\/p>\n<p>Kumar called on the finance ministers from some of the world\u2019s seven most influential economies to implement recommendations from the FATF, which include going after money laundering and terrorism financing.<\/p>\n<p>The FATF president said that also includes the travel rule \u2014 a requirement that requires crypto service providers to share certain information about transactions to prevent misuse by criminals and terrorists.\u00a0<\/p>\n<p>\u201cG7 countries should lead by example and regulate the crypto sector so that no virtual safe havens exist for illicit financial transactions,\u201d Kumar said in a post published on Twitter.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/qatar-needs-make-some-major-improvements-money-laundering-watchdog-says.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Qatar needs to make some \u201cmajor improvements,\u201d on how it responds to terrorist financing, according to a global money laundering and terrorist financing watchdog. The Financial Action Task Force accused Qatar of not having enough controls and needs to better understand \u201cmore complex forms of money laundering and terrorist financing,\u201d according to a report released [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-16942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Qatar Needs To Make Some \u2018Major Improvements\u2019: Money Laundering Watchdog Says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Qatar needs to make some \u201cmajor improvements,\u201d on how it responds to terrorist financing, according to a global money 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