Qatar Central Bank fights money laundering in insurance
Friday, 03 10 2017, Category: Insurance and Reinsurance, Country: Qatar
Qatar Central Bank Governor H E Sheikh Abdullah bin Saud Al Thani (pictured) yesterday issued instructions on the combating of money laundering and terrorism financing in the insurance sector.
The instructions are the first of their kind in Qatar and have been under preparation since QCB took charge of supervising and overseeing the insurance sector in line with the law on QCB and regulation of financial institutions, which was issued as Law No. 13 of 2012 and came into the force of law in the beginning of 2013, QCB said in a press release. The statement added that the instructions were laid out in 25 articles covering everything related to money laundering and terrorism financing in the insurance sector and provided definitions for relevant terms as well as general and governing rules for combating, QNA reported.
The instructions also explained in detail the requirements of necessary measures, the classification of clients, the evaluation of operations, deciding the responsibilities and internal programmes of combating money laundering and terrorism financing, means of keeping documents and registries, and applicable punishments.
The statement added that by issuing these instructions, Qatar has fulfilled its commitment towards international requirements in combating of money laundering and terrorism financing regarding the activities and services of financial institutions, noting that the instructions will come into effect starting from the date of issue.
Source: The Peninsula – Qatar