Qatar Central Bank
Governor HE Sheikh Abdulla bin Saoud al-Thani yesterday issued instructions on
combating 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, the central bank said in a 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 the menace.
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
The statement added that by issuing these instructions, Qatar has fulfilled its
commitment towards international requirements in combating 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.