FATF Criticizes Qatar Central Bank for Negligent Oversight of Crypto Firms
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5 June

According to the Financial Action Task Force (FATF), the Central Bank of Qatar should improve the "understanding of more complex forms" of financial crime and strengthen compliance with its rules by registered VASPs.

The organization's experts have recommended that the country's central bank increase its capacity to effectively combat money laundering and terrorist financing, including imposing sanctions against VASPs.

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In December 2019, the Qatar Financial Centre Regulatory Authority (QFCRA) warned that it would impose a fine on any company that provides or facilitates the exchange of crypto assets, as such activities cannot be carried out in Qatar's financial center.

In the report, the institution noted that Qatar has made "positive and sustained progress" in collecting beneficial ownership information for its near-complete unified resident register.

The FATF recommended increased controls to ensure the accuracy and timeliness of the data received.

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