The regulatory authority warned at the time that penalties will be imposed in accordance with the QFCRA’s rights and obligations to any firm that provides or facilitates the provision or exchange of crypto assets.
According to FATF’s recent report, while Qatar has made “positive and sustained progress” in gathering beneficial ownership information for its nearly completed unified register – a consolidation of data of its citizens – there is still more work to be done: “There are still not sufficient controls to ensure that all information collected remains accurate and up-to-date.”
Qatar’s authorities were urged to improve their investigative efforts towards money laundering, as it was alleged its “sophisticated analysis capabilities” to identify instances of money laundering are not being fully utilized.
Qatar’s authorities were urged to improve their investigative efforts toward money laundering, and it was alleged its “sophisticated analysis capabilities” to identify instances of money laundering are not being fully utilized.