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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2023-06-07      浏览次数:2586次
Qatar needs to ramp up efforts to combat money laundering: FATF

 

https://coingeek.com/qatar-needs-to-ramp-up-efforts-to-combat-money-laundering-fatf/

 

Qatar has come under fire from the Financial Action Task Force (FATF) over loopholes in the supervision of its digital currency industry.

 

The FATF pointed out in its latest evaluation of anti-money laundering procedures in Qatar that local regulators must increase monitoring of digital asset use. While the country has made impressive progress, the FATF points out that regulatory shortcomings make it susceptible to bad actors.

 

Despite a low domestic crime rate, loopholes in anti-money laundering (AML) rules expose Qatar to terrorism financing, smuggling, fraud, and drug running risks which could lead to a demotion to the FATF’s grey list. The report shows a majority of the risk arises from the borderless nature of the digital currency, with the FATF alleging that regulators are handling AML violations leniently.

 

There are major inconsistencies between Qatar’s risk profile and the type and extent of terrorist financing activity prosecuted and convicted,” read the report. “No formal sanctions have been applied on a natural or legal person for contravening the prohibition.”

 

Only a handful of digital currency exchanges operating in Qatar have complied with the FATF’s travel rule requiring them to transmit information of parties of a virtual currency transaction to the authorities. Despite the negative streak relating to digital assets, the FATF praised Qatar’s efforts in confiscating sums identified as the proceeds of crime.

 

Qatar has a robust framework to implement targeted financial sanctions related to terrorist financing and used this to seize a large number of assets, but the country needs to focus more on its implementation of proliferation financing sanctions,” read the report.

 

In its defense, the Qatar Central Bank (QCB) said via a post on its website that the FATF’s positive comments as evidence to “demonstrate the country’s commitment to combating illicit financing.”

 

Scrambling to align with the FATF

 

Regulators worldwide are scrambling to improve their anti-money laundering rules to be in sync with the provisions of the FATF. Japan is the latest country to announce the launch of stricter AML rules for the digital currency ecosystem through ratification of the FATF’s travel rule.

 

G7 countries should lead by example and regulate the crypto sector so that no safe havens exist for illicit crypto transactions,” remarked FATF President Raja Kumar.

 

Aligning strictly with the FATF rules will see governments regulate digital currency asset providers in the same manner as banking institutions. Digital asset enthusiasts posit that such a method could stifle industry innovation, but recent collapses could force the hand of regulators.