Regulatory Alerts2019-01-01
Law No. 20 of 2019 on Combating Money Laundering and Terrorism Financing
Issued by the Emir of Qatar, this law repeals the 2010 legislation and establishes a comprehensive framework to combat money laundering and terrorism financing by defining independent offenses, prescribing criminal penalties, and mandating risk-based preventive measures for financial institutions and designated non-financial businesses and professions. It requires regulated entities to implement robust customer due diligence, verify beneficial ownership, maintain targeted financial sanctions, and report suspicious activities to the newly established Financial Information Unit. The legislation further empowers the National Anti-Money Laundering and Terrorism Financing Committee to oversee compliance, issue implementing regulations, and enforce penalties across all competent authorities within six months of publication.