Regulatory Alerts2010-01-01
Law No. 4 of 2010 on Combating Money Laundering and Terrorism Financing
Issued by the Deputy Emir of Qatar, this law repeals the 2002 anti-money laundering statute and establishes a comprehensive regulatory framework for combating money laundering and terrorism financing. It mandates financial institutions, designated non-financial businesses and professions, and non-profit organizations to implement customer due diligence, maintain accurate records, and report suspicious activities to the Financial Information Unit. The legislation creates a National Committee at Qatar Central Bank to coordinate national strategy, oversees customs disclosure procedures for cross-border currency and precious assets, and defines independent criminal offenses with corresponding penalties.
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