Qatar partners with US firm to combat terror financing

Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) has engaged with the Financial Integrity Network (FIN),  based in Washington DC, as its principal strategic adviser for enhancing Doha’s Anti-Money Laundering and Counter-terrorist Financing System (AML/CFT). The partnership will ensure that the country  meets the heightened and evolving global standards and expectations for financial integrity.

Under this new partnership, FIN will collaborate closely with NAMLC and its member authorities in reviewing the implementation and effectiveness of Qatar’s AML/CFT legal framework and international commitments, and ensuring their alignment with global standards, including those established by the Financial Action Task Force (FATF).

The engagement was announced jointly in Doha by H E Sheikh Fahad Faisal AI Thani, Chairman of NAMLC and Deputy Governor of the Qatar Central Bank (QCB), and  Daniel L Glaser, on behalf of FIN, in the presence of the Governor of QCB, H E Sheikh Abdullah bin Saud Al Thani.

NAMLC’s engagement with FIN reinforces Qatar’s already strong commitment to combating money laundering and terrorist financing. Qatar’s AML/CFT framework, among the leading benchmarks in the region, criminalises all activities related to money laundering and terrorist financing. Daniel L Glaser previously served as Assistant Secretary for Terrorist Financing and Financial Crimes in the US Department of the Treasury’s Office of Terrorism and Financial Intelligence, where he was responsible for formulating and coordinating AML/CFT and sanctions policies and strategies for the US government.

Sheikh Fahad said: “Qatar has had a long-standing, open and productive partnership with the international community in combating money laundering and the financing of terrorism, and we are delighted to partner with FIN to build on our successes to date and ensure that Qatar’s AML/CFT regime continue to be world class.We have worked closely with Glaser and other FIN principals while in their official government capacities over the years, and we have deep respect for the expertise and guidance they provided. Their support and advice will help ensure that Qatar has the most effective and robust AML/CFT framework in the region.”

FIN’s work with NAMLC will also be supported by Juan C Zarate, who served as the Deputy Assistant to the President and Deputy National Security Advisor for Combating Terrorism from 2005 to 2009, and the first ever Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes after 9/11, and Chip Poncy, who served as the inaugural Director of Strategic Policy in the US Department of the Treasury’s Office of Terrorist Financing and Financial Crimes. Poncy also led the US delegation to FATF from 2010 to 2013.  

Sheikh Fahad added: “Qatar is strongly committed to combating illicit financing activities, and by collaborating with FIN will ensure that it has the best advice and support. The threats from money laundering and terrorist financing present significant risks and challenges to the international community, and we look forward to working with FIN to ensure that Qatar builds on its successes to date in preventing and disrupting these illegal activities.”

Daniel said: “We are very pleased to announce this new engagement with Qatar to ensure that its anti-money laundering and counter terrorist financing regime is comprehensive, effective, and meets ever-more demanding global expectations. This serious work is critical to safeguarding the integrity of the international financial system, enhancing global security, and fostering Qatar’s growth as a financial and commercial center.”

He added: “This fits squarely in FIN’s mission, which is dedicated to helping clients meet the challenging and critical demands of financial integrity, especially in an environment of growing complexity and risk. We are looking forward to working with Qatar to achieve these goals.”