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Qatar Needs to Improve Customer Due Diligence, Sanctions Compliance, FATF Says
printThe Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog. The Middle Eastern emirate is non-compliant with 15 of the 40 + 9 recommendations issued by the Paris-based Financial Action Task Force (FATF), the organization said in a report Monday, adding that a boom in real estate and precious stone and metals has left Qatar susceptible to money laundering. Among the weaknesses the organization pinpointed are failing to stop accounts that are opened under false identities, inadequately requiring banks to look into a client's...
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