High-risk Jurisdictions
Pursuant to the Financial Action Task Force (FATF) Recommendation (19) and Article (13) of Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing and Articles (22) and (23) of Its Implementing Regulations:
- Designated Non-Financial Businesses and Professions (DNFBPs) are required to apply Enhanced Due Diligence (EDD), proportionate to the level of risk, to business relationships and operations with customers that are natural or legal persons, including financial institutions and DNFBPs, from countries for which this is called for by the FATF or countries identified as high-risk by Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC).
- DNFBPs are also required to take other measures including the application of Countermeasures proportionate to the level of risk as identified in the Circulars issued by the Supervisory Authorities, based on the FATF Statements or independently when called upon to do so by Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC).
Jurisdictions subject to a Call for Action by FATF:
The Financial Action Task Force (FATF) identifies, three (3) times per year and in a public statement, jurisdictions whose regimes have strategic deficiencies in terms of combating money laundering, terrorist financing and financing of proliferation of weapons of mass destruction, in which it calls upon countries to apply specific measures against them.
Jurisdictions having strategic deficiencies in their regimes to counter money laundering and terrorist financing are as follows:
High-Risk Jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction. For all countries identified as high-risk, the FATF calls on all members to apply enhanced due diligence (EDD), and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction (ML/TF/PF) risks emanating from such countries.
Auditors, Dealers in Precious Metals or Precious Stones (DPMSs) and Trust and Company Service Providers (TCSPs) are required to periodically view and keep pace with updates to the list of High-Risk Jurisdictions subject to a Call for Action by FATF, via the following link:
High-risk and other monitored jurisdictions – Financial Action Task Force (FATF) (fatf-gafi.org)
Auditors, Dealers in Precious Metals or Precious Stones (DPMS) and Trust and Company Service Providers (TCSPs) are also required to apply enhanced due diligence (EDD), proportionate to the level of risk, to business relationships and operations with customers, including financial institutions and DNFBPs, from countries for which this is called for by the FATF and as published by Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) on its website.
Auditors, Dealers in Precious Metals or Precious Stones (DPMS) and Trust and Company Service Providers (TCSPs) must also undertake other measures including the application of countermeasures, proportionate to the level of risk as identified in the Circulars issued by the Supervisory Authorities, based on the FATF Statements or independently when called upon to do so by Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC).
Jurisdictions under Increased Monitoring are jurisdictions that have strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing, but have highly committed to the FATF to address their strategic deficiencies in accordance with their action plans. These jurisdictions are subject to monitoring by the FATF until the fulfilment of the action plans within the agreed specific timeframes. The FATF does not call upon its members for the application of Enhanced Due Diligence (EDD) measures against these jurisdictions; but encourages its member countries to take into account, in their risk analysis related to such jurisdictions, the information published on the link indicated below.
Auditors, Dealers in Precious Metals or Precious Stones (DPMS) and Trust and Company Service Providers (TCSPs) are required to periodically view and keep pace with updates to the list of Jurisdictions under Increased Monitoring, in order to take into account, upon conducting their risk analysis, the information published on the following link, in relation to business relationships and operations carried out with customers, including financial institutions and DNFBPs from such jurisdictions.
High-risk and other monitored jurisdictions – Financial Action Task Force (FATF) (fatf-gafi.org)
For further information on the measures that Auditors, Dealers in Precious Metals or Precious Stones (DPMS) and Trust and Company Service Providers (TCSPs) are required to apply, please refer to the following:
