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QCB Issues
Instructions To Combat Money Laundering, Financing Terrorism in
Insurance Sector
March 09, 2017
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.
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