The Financial Intelligence Unit (FIU)

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Document Information:

  • Year:
  • Country: Qatar
  • Language: English
  • Document Type: Domestic Law or Regulation
  • Topic:
The Financial Intelligence Unit (FIU)
August 31, 2004 / NC/1/2004
After having perused the Anti-Money Laundering Law No (28) for the year (2002), as
amended by Decree Law No (21) for the year (2003);

– Decree No. (2) of the National Anti-Money Laundering Committee, taken in its second
meeting on 18 February, 2004, on the establishment of the Financial Intelligence Unit;

– The Council of Ministers’ approval, given on 7 April, 2004, of a draft law decree
amending Law No. (28) for the year (2002), stipulating the establishment of a financial
intelligence unit; and for the good of the public,

The following provisions are hereby decided :

Article (1) A central independent unit named the Financial Intelligence Unit shall be established in the National Anti-Money Laundering Committee and shall be located in Qatar Central bank.
Article (2) The chairman of the National Anti-Money Laundering Committee shall issue a decree nominating the head of the unit and approving its organizational structure and financial budget.
Article (3) The financial intelligence unit shall have the following powers and responsibilities: · Receiving suspicious transaction reports related to money laundering and terrorism financing from all the concerned entities in the state directly (including all financial and non-financial institutions and law enforcement agencies). · Analyzing suspicious transaction reports and taking appropriate decisions there on. · Filing the suspicious transaction reports proved not to be suspicious and forwarding the ones it deems suspicious to law enforcement agencies and the Public Prosecution. The unit may request further investigations

from all law enforcement agencies regarding information contained in suspicious transaction reports. · Exchanging information with counterpart financial intelligence units and international bodies and organizations, in accordance with the provisions of the Anti-Money Laundering Law and its amendments and the principles of exchanging information issued by the Egmont Group.
Article (4) The information referred to in the above Article shall include information relating to money transfers, suspicious transaction, currency exchange and any other banking or financial transactions.
Article (5) The head of the financial intelligence unit shall be responsible for discharging its work, taking appropriate decisions in all the functions it carries out and shall represent it in meetings, seminars and official missions.
Article (6) Responsibilities of financial institutions Regulatory and administrative bodies, and law enforcement agencies. 6.1 Sending suspicious transaction reports directly to the unit, and providing it with any information or related documents it may request, through any media, and without any unjustified delay. 6.2 Appointing a compliance officer, who shall primarily ensure the compliance of his employer institution with the regulations related to combating money laundering and terrorism financing, and send all suspicious transaction reports directly to the unit. The Compliance officer shall exercise his job independently and shall be directly responsible to the head of the FIU. 6.3 The compliance officer shall carry out his duties and responsibilities in a free and independent way that enables him to provide the information, data and official papers to the unit promptly.
Article (7) The unit shall feedback reporting institutions regarding the decisions taken on the suspicious transaction reports.
Article (8) The attached organizational structure and job descriptions of the financial intelligence Unit shall be approved.
Article (9) Any person violating the provisions of this Decree shall be subject to the penalties stipulated in the Anti-Money Laundering and Combating Terrorism Laws and any subsequent amendments thereof.
Article (10) This order shall be in force as from today.
Fahad Faisal Al-Thani
Chairman of the National AML Committee