Regulatory Alerts2021-01-01
Council of Ministers Decision No. 14 of 2021 Amending Implementing Regulations on Combating Money Laundering and Terrorism Financing
The Qatar Council of Ministers issued Decision No. 14 of 2021 to amend Article 74 of the implementing regulations for the Law on Combating Money Laundering and Terrorism Financing. The amended article mandates that financial supervisory authorities obtain prior authorization from foreign counterparts before disseminating or using exchanged information for any purpose, while requiring prompt notification when a legal disclosure obligation exists. All relevant competent authorities must implement these updated provisions immediately upon the decision's issuance and publication in the Official Gazette.
Official Gazette / No. 16 / 13 December 2021 1 Council of Ministers’ Decision No. [14] of 2021 Amending some Provisions of the Implementing Regulations of the Law on Combatting Money Laundering and Terrorism Financing Promulgated by the Council of Ministers’ Decision No. (41) of 2019 The Council of Ministers, Having perused the Constitution; and The Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing, amended by Decree-Law No. (19) of 2021; and The Emiri Resolution No. (29) of 1996 on the Council of Ministers’ Decisions submitted to the Emir for Ratification and Issuance; and The proposal of the Chairman of the National Anti-Money Laundering and Terrorism Financing Committee, Have decreed the following: Article (1) The text of Article (74) of the Implementing Regulations of the Law on Combating Money Laundering and Terrorism Financing referred to above, shall be replaced with the following: Article (74) “Supervisory authorities of financial institutions shall obtain the prior authorisation of their requested foreign counterparts for any dissemination to any authority of information exchanged, or for any use of that information for supervisory and non-supervisory purposes. In cases where the requesting supervisory authorities of financial institutions are under a legal obligation to disclose or report such information,
Official Gazette / No. 16 / 13 December 2021 2 they should promptly inform their requested foreign counterparts of this obligation.” Article (2) All Competent Authorities, each within its own competence, shall implement this Decision, which shall come into force on the day of its issuance and shall be published in the Official Gazette. Khalid bin Khalifa bin Abdulaziz Al Thani Prime Minister We, Tamim Bin Hamad Al Thani , Emir of the State of Qatar endorse this Decision to be issued. Issued at the Emiri Diwan on 3/4/1443 A.H Corresponding to 08/11/2021 A.D