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Qatar has adopted a risk assessment programme by virtue of which a comprehensive national action plan was developed in line with the national strategy set to combat money laundering and terrorist financing, the governor of Qatar Central Bank HE Sheikh Abdullah bin Saud al-Thani yesterday said.

Addressing the opening session of the 12th plenary meeting of the Middle East and North Africa Financial Task Force (MENAFATF) against Money Laundering and Terrorism Financing in Doha, he called upon all the financial sector supervisors to form a working group to review all Anti-Money Laundering and Terrorism Financing Regulations and Controls (AML/CFT) to make them consistent and in line with the national legislation.

The governor explained that all competent national authorities had participated in developing the said assessment programme. The supervisors of the Designated Non-Financial Businesses and Professions (DNFBPs), in view of this successful initiative, resolved to adopt the same regulations.

The governor pointed out that Qatar, the host of the meeting, had set up a supervisory system in line with the international standards and procedures undertaken by the International Co-operation Group (ICRG) of the Financial Task Force to enhance the national action plan.

Sheikh Abdullah noted that Qatar had laid down a strong legislative structure by enacting primary and secondary legislations for combating money laundering and terrorist financing, and these efforts culminated in enacting this year the Law No.(4)of 2010 on Combating Money Laundering and Terrorism Financing.

He stressed that Mena countries, in view of the vital role they play, should be committed more than others to the principles of transparency and disclosure and strengthen co-ordination and close work among them and among its different internal authorities working in the field of combating money laundering and terrorism financing in this time.

He explained that the international economic crisis has shed strong light on the necessity of these tasks.