Legal analysis of Qatar’santi-money laundering and combating terrorist financing legislation and regulation amidst the summer 2017 GCC crisis
| Pages | 793-804 |
| Date | 27 January 2020 |
| DOI | https://doi.org/10.1108/JMLC-09-2017-0054 |
| Published date | 27 January 2020 |
| Author | Mohammed Ahmad Naheem |
| Subject Matter | Accounting & Finance,Financial risk/company failure,Financial compliance/regulation,Financial crime |
Legal analysis of Qatar’s
anti-money laundering and
combating terrorist financing
legislation and regulation amidst
the summer 2017 GCC crisis
Mohammed Ahmad Naheem
Department of Research, Mayfair Compliance, Frankfurt, Germany
Abstract
Purpose –The recent diplomatic split betweenmembers of the Gulf Cooperation Council (GCC) and Qatar
with accusations of terrorist financing(TF). This paper aims to study Qatar’s domestic legislations, which
specifically targets money launderingand TF activities. The country has stringently worked in compliance
with international standards on combating financing of terrorism (CFT) and anti-moneylaundering (AML)
practices by imparting autonomous power to regulatory bodies, such as the Qatar Central Bankand other
agencies.
Design/methodology/approach –This paper studies independentlegislations passed under the Emir’s
decree over the past decade advancingQatar’s AML ranking, with significant effort in CFT regulations. The
paper also analyses the advancementin AML/CFT regulation and their validity with respect to international
standardsset by various governmental, intergovernmentaland non-profit agencies.
Findings –The analysis finds Qatar in compliancewith strong AML/CFT regulations. Further, it finds the
government to have providedtransparent oversight to international organizations that attestto the findings
of the legislative efforts. This paperdisproves claims and accusations that have possibly been presented to
the GCC and subsequently led members to abruptlyend diplomatic relations with Qatar over allegations of
TF activities,amongst others.
Originality/value –The paper offers insight into Qatar’s legislative and regulatory advancement with
respect to the AML/CTF in the past decade. The paper also discusses Qatar’s legislative advancement in
relation to the evolutions of the country’sfinancial system, adopting a more robust mechanism to combat
financingof terrorismand ML.
Keywords Qatar, Gulf Cooperation Council, Anti-money laundering, Qatari legislation,
Financial intelligence units (FIUs), Combating financing of terrorism (CFT)
Paper type Research paper
Please note that this paper was composed and submitted for review to this journal in July 2017 –All
the content was current at that point in time (July 2017). The banking and regulation industries
alongside governmental policy-making have evolved greatly since July 2017, with new material from
academic research emerging. These points need to be taken into consideration when reading this
paper. The author explicitly states that this research article is not a propaganda piece and in no way
has the author received any form of funding or assistance from any party towards this piece of
research. This paper sets out an approach to extend the discussion on the Gulf region from an
independent academic perspective, employing tools that separate AML/CTF analysis from media
opinion.
Qatar’s anti-
money
laundering
793
Journalof Money Laundering
Control
Vol.23 No. 4, 2020
pp. 793-804
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-09-2017-0054
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