Regulatory Alerts2021-01-01
Decree Law No. 19 of 2021 Amending the Money Laundering and Terrorism Financing Law No. 20 of 2019
Issued by Emir Tamim Bin Hamad Al Thani, Decree Law No. 19 of 2021 amends Qatar’s Money Laundering and Terrorism Financing Law No. 20 of 2019 by updating core provisions on national risk assessments, beneficial ownership registers, and document retention periods. The legislation mandates financial institutions and designated non-financial businesses to promptly disclose due diligence records, requires competent authorities to maintain accurate ownership data for all legal persons, and extends record-keeping obligations to a minimum of ten years. Furthermore, it strengthens enforcement by increasing imprisonment terms and fines for terrorism financing offenses, introducing penalty exemptions or reductions for self-reporting entities that assist investigations, and clarifying confiscation procedures for frozen funds regardless of perpetrator status.