Qatar to Develop National Strategies for Combating Financial Crimes

  • Richard Marley
  • September 05, 2022
  • 2 minutes read
  • 83

Qatar has developed vigorous strategies to combat expected financial crimes during the FIFA World Cup 2022. The country ensures strong security protocols to fight against money laundering and any daunting situation with the help of law enforcement agencies.

Qatar Association of Certified Public Accountants (QCPA) organized The Effective Financial Crime Compliance Conference in which theChairman of QCPA Dr. Hashim Al Sayed stated that Qatar is among the prime countries with vigorous security measures for combating corruption and financial crimes. 

According to an official, the financial sector of Qatar is well under control. The country adopted robust solutions to deter financial crimes, securing the country from monetary frauds and avoiding them from proliferating amidst various global crises. 

According to Dr. Hashim Al Sayed, Qatar ranked 31st out of 180 countries worldwide and a leading one in the Arab world in Transparency International’s Corruption Perceptions Index. According to experts, Being the host of the FIFA World Cup, Qatar will attract investors and financial criminals. Moreover, it’s expected that nearly 1.5 million visitors will visit Qatar during the 2022 FIFA World Cup, which can maximize the rise of fraudulent attempts.

Dr. Hashim stated that nobody is permitted to come without a Hayya card. They are ready to control any unwanted situation with proper security measures and planning. Furthermore, a month before, visitors  will not be allowed to carry currencies worth more than QR50,000 (or should disclose it). 

Al Sayed added that the strategy has developed with the cooperation of all law enforcement agencies to protect the economy and society. Raising awareness and applying due diligence to combat crimes by adopting financial and technological innovations are the basics of this strategy. Moreover, following the best legislative practices to have a unified system, setting up supervisory entities, joining international institutions’ membership, and signing the international agreement to reinforce Qatar’s commitment to fighting against fraud make this strategy an efficient model.

Qatar Financial Markets Authority and Global Compliance Institute organized this conference, featuring various other speakers discussing different issues. Illegal gold flow, fintech in AML, governance & anti-corruption, and several other issues were discussed at the conference. 

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