The Qatari government is drafting a stringent new law, to deal with the practice of money laundering, the Qatar Central Bank (QCB) Governor Abdullah Bin Khalid Al-Attiyah disclosed. The law will be formulated on the basis of recommendations set forth by a financial committee, he revealed to the Arab Banker.
Al-Attiyah added that money laundering poses a threat to the stability and credibility of the state’s financial system and undermines good governance, the Gulf Times reported. Last year, QCB circulated special instructions aiming to help banks combat money laundering and financial crimes.
The QCB had also requested commercial banks and other financial institutions to devise their own internal schemes to battle money laundering. — (menareport.com)
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