Regulatory Alerts2021-01-01
Added · Updated
Law Decree No. (19) of 2021 Amending Some Provisions of the Anti-Money Laundering and Counter-Terrorism Financing Law Issued by Law No. (20) of 2019
This decree amends Articles 20, 30, 45, 48, 79, 83, 89, and 92, and adds Articles 53, 80, and 87-bis to the Anti-Money Laundering and Counter-Terrorism Financing Law. It mandates financial and designated non-financial institutions to provide due diligence information and transaction records to authorized authorities without delay, and requires competent authorities to maintain accurate, up-to-date beneficial ownership information accessible to the public and law enforcement. The amendment increases penalties for terrorism financing to life imprisonment and fines between 5 million and 10 million Qatari Riyals, establishes a ten-year record-keeping period for dissolved entities, and introduces provisions for judicial immunity or sentence reduction for self-reporting offenders. It also grants judicial authorities access to specific data with public prosecutor approval and imposes penalties for customs smuggling unrelated to money laundering or terrorism financing.