Legitimacy of the Summer 2017 GCC crisis and Qatar’s AML framework

Author:Mohammed Ahmad Naheem
Position:Mayfair Compliance, London, UK
Pages:405-416
SUMMARY

Purpose In June 2017, members of the Gulf Cooperation Council (GCC) ended diplomatic ties with Qatar. There is a legitimate concern about the accusation levied on Qatar. This paper aims to analyse the progress Qatar’s financial system has made with respect to its anti-money laundering (AML) and counter-terrorist financing (CFT) regulations, which further serves as the country’s effort to... (see full summary)

 
FREE EXCERPT
Legitimacy of the Summer 2017
GCC crisis and Qatars AML
framework
Mohammed Ahmad Naheem
Mayfair Compliance, London, UK
Abstract
Purpose In June 2017, members of the GulfCooperation Council (GCC) ended diplomatic ties with Qatar.
There is a legitimate concern aboutthe accusation levied on Qatar. This paper aims to analyse the progress
Qatarsnancial system has made with respect to its anti-money laundering (AML) and counter-terrorist
nancing (CFT) regulations, which further serves as the countrys effort to combating the nancing of
terrorism (CTF). The paper further wishesto advance the discussion by considering the legitimate goals of
the aforementioned bodies and their discourse on creating national and international obligations towards
reducingterrorist nancing through robust AML frameworks.
Design/methodology/approach The paper analyses Qa tars legislative and regulatory overhaul
following the Financial Action Task Forces Mutual Evaluation Report. Qatar h ad distinctively
strengthened its approach against Money Laundering and Terrorist Financing. The paper takes an ex
ante approach by understanding Qatarsstrategic decienciesbefore the FATFs mutual evaluation.
Subsequently, the paper studies independent international evaluations of Qatars AML/CTF legislation
and regulation.
Findings The paper nds Qatar in signicant compliance to the recommendations of the various
international bodies, including the Financial Action Task Force (FATF), Basel AML Index, IMFsnancial
sector reviews,United Nations and independent reports on AML progressfrom regulatory bodies around the
world. None of these organizations present obligatory rules but have set and determined and international
standardfor AML/CTF laws.
Originality/value The primary aim is to draw parallels between Qatars regulatory AML and CTF
efforts through the countrys compliancewith international initiatives, such as the FATF guidelines, Basel
AML Index, IMFsnancial sector reviews,United Nations and independent reports on AML progress from
regulatorybodies around the world.
Keywords Qatar, Anti Money Laundering (AML), Countering Financing of Terrorism (CFT),
Financial intelligence unit, The Gulf Cooperation Council (GCC)
Paper type Research paper
1. Introduction
The Gulf Cooperation Council(GCC) was originally set up in 1981 to create a single common
market and monetary system for the six members of the Council,essentially converting the
The author explicitly states that this research article is not a propaganda piece and in no way has the
author received any form of funding or assistance from any party towards this piece of research. This
paper sets out an approach to extend the discussion on the Qatar GCC crisis from an independent
academic perspective, employing tools that separate AML/CTF analysis from media opinion.
Please note that this paper was composed and submitted for review to this journal in July 2017. All
the content was current at that point in time (July 2017). The regulation industry is constantly
evolving with new research emerging and being published. These points need to be taken into
consideration when reading this paper.
2017 GCC
crisis
405
Journalof Money Laundering
Control
Vol.20 No. 4, 2017
pp. 405-416
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-07-2017-0032
The current issue and full text archive of this journal is available on Emerald Insight at:
www.emeraldinsight.com/1368-5201.htm

To continue reading

REQUEST YOUR TRIAL