Qatar’s progress towards preventing terror finance through the abuse of charitable status and the financial sector

2016 ◽  
Vol 19 (4) ◽  
pp. 500-516 ◽  
Author(s):  
Jon Truby
Keyword(s):  
Design Methodology ◽  
Task Force ◽  
Financial Sector ◽  
Financial Action Task Force ◽  
Content Type ◽  
Financial Regulations ◽  
Novel Approach ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This paper aims to track Qatar’s progress in preventing abuse of charitable status or of its financial regulations to prevent terror finance. Design/methodology/approach Qatar’s progress towards meeting the demands of the Central Themes will thus be summarised and explored. This paper tracks its history in response to evolving Financial Action Task Force (FATF) standards, and considers how Qatar can take measures to enhance their reputation. Findings Qatar’s efforts were found to be sustained but these still fall short of emerging standards. This paper advocates for higher standards. Originality/value This original paper and novel approach is useful to policymakers and researchers of AML/CTF law. It is particularly timely in advance of the 2017 mutual evaluation of Qatar. It advances the findings of on another article written by the author.

Role of FATF in spearheading AML and CFT

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Firas Murrar ◽  
Khaled Barakat
Keyword(s):  
Task Force ◽  
Secondary Data ◽  
Arab Countries ◽  
Financial Action Task Force ◽  
Content Type ◽  
Analysis Methodology ◽  
Regulatory Frameworks ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This study aims to define the role of the Financial Action Task Force (FATF) and its Style Regional Bodies (FSRBs) that combat money laundering (ML) and terrorist financing (TF) by measuring how well some Arab countries have complied with FATF’s “Forty Recommendations” with respect to the regulatory framework. Design/methodology/approach This study combines the comparative analysis methodology with a descriptive analytical approach to compare three member countries of the Middle East and North Africa Financial Action Task Force (MENAFATF). It uses secondary data sources, namely, theoretical literature on the subject and FATF reports on mutual evaluation reports (MERs). Findings This study examined the variations in compliance with FATF standards among three member countries of MENAFATF: Bahrain, Morocco and Jordan. While Bahrain has almost completely fulfilled these standards, Morocco and Jordan have only partially fulfilled them. These variations in compliance are mainly attributed to the uneven level of readiness in the countries’ commitment to the legislative and regulatory requirements before the process of mutual evaluation. Originality/value Researchers can find several studies on the role of FATF and FSRBs in combating ML and TF. However, no studies have focussed on the application levels of FATF standards, which are relevant to the regulatory frameworks of member countries. This study makes a unique and vital contribution, as it demonstrates the effectiveness of applying the FATF standards.

International commercial arbitrator addressing money laundering sua sponte

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Todor Kolarov
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Legal Basis ◽  
Practical Application ◽  
Commercial Arbitration ◽  
Financial Action Task Force ◽  
Content Type ◽  
International Commercial Arbitration ◽  
Financial Action Task

Purpose The purpose of this paper is to evaluate the existing legal basis, and its practical application, of an arbitrator’s competence to raise on her own initiative money laundering issues. Design/methodology/approach The research focusses on presenting the essence of the problem through evaluation of the legal basis for the arbitrators to raise money laundering concerns on their own initiative and the examples of so being done in international commercial arbitration. Findings This paper concludes that arbitrators do not presently have a solid legal basis that authorises them to act sua sponte against money laundering. Originality/value The originality and value of this paper lies in its emphasis on theoretical and practical issues related to money laundering in international commercial arbitration. It argues in favour of an explicit recommendation to be incorporated in the 2012 Recommendations of the Financial Action Task Force (FATF) that international commercial arbitrators address money laundering on their own initiative.

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

2017 ◽  
Vol 20 (4) ◽  
pp. 405-416 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
United Nations ◽  
Money Laundering ◽  
Task Force ◽  
Financial Sector ◽  
Content Type ◽  
Terrorist Financing ◽  
The World ◽  
Regulatory Bodies ◽  
Financial Action Task ◽  
Mutual Evaluation

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 combating the financing of terrorism (CTF). The paper further wishes to advance the discussion by considering the legitimate goals of the aforementioned bodies and their discourse on creating national and international obligations towards reducing terrorist financing through robust AML frameworks. Design/methodology/approach The paper analyses Qatar’s legislative and regulatory overhaul following the Financial Action Task Force’s Mutual Evaluation Report. Qatar had distinctively strengthened its approach against Money Laundering and Terrorist Financing. The paper takes an ex ante approach by understanding Qatar’s “strategic deficiencies” before the FATF’s mutual evaluation. Subsequently, the paper studies independent international evaluations of Qatar’s AML/CTF legislation and regulation. Findings The paper finds Qatar in significant compliance to the recommendations of the various international bodies, including the Financial Action Task Force (FATF), Basel AML Index, IMF’s financial sector reviews, United Nations and independent reports on AML progress from regulatory bodies around the world. None of these organizations present obligatory rules but have set and determined and international standard for AML/CTF laws. Originality/value The primary aim is to draw parallels between Qatar’s regulatory AML and CTF efforts through the country’s compliance with international initiatives, such as the FATF guidelines, Basel AML Index, IMF’s financial sector reviews, United Nations and independent reports on AML progress from regulatory bodies around the world.

Comprehensive cross-border declaration system as money-laundering prevention mechanism

2017 ◽  
Vol 20 (3) ◽  
pp. 292-300
Author(s):  
Salwa Zolkaflil ◽  
Normah Omar ◽  
Sharifah Nazatul Faiza Syed Mustapha Nazri
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Asia Pacific ◽  
Evaluation Report ◽  
Content Type ◽  
Cross Border ◽  
Future Improvement ◽  
Financial Action Task ◽  
Mutual Evaluation

Purpose This study aims to discuss the Financial Action Task Force (FATF) Special Recommendation IX (SR IX) and the importance of complying with the recommendation, which focuses on cross-border declaration or disclosure with the objective to detect and prevent illicit cross-border transportation of cash and bearer negotiable instruments (BNIs). This study also looks into compliance ratings of Asia Pacific Group (APG) 40 countries on the FATF SR IX. Design/methodology/approach This study reviews the mutual evaluation reports issued by APG on money laundering from 2006 to 2012. Based on the mutual evaluation reports, this study also looks into recommendations and comments given by respective panels. The compliance ratings together with panel’s recommendations and comments compiled in this study will be helpful to relevant authorities for future improvement. Findings Complying to FATF SR IX helps relevant authorities in detecting and preventing illicit from cross-border transportation of cash and BNIs. Out of 40, only two countries received compliant rating, which shows the need of improvement to ensure that the country is compliant on FATF SR IX. Research limitations/implications This study is limited to the panel’s reviews and recommendations on mutual evaluation report and only focuses on FATF SR IX. Originality/value This paper analyzes the compliance characteristics of countries based on their FATF mutual evaluation report. It highlights the comments and recommendation for future improvement to ensure that these countries will comply with FATF SR IX.

Ratify and comply: a pathway for Japan to follow the FATF recommendation 35

2018 ◽  
Vol 21 (1) ◽  
pp. 71-88 ◽  
Author(s):  
Akira Matsuoka
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
The Novel ◽  
Legal Analysis ◽  
Financial Action Task Force ◽  
Content Type ◽  
Financial Action Task ◽  
Strategic Solution

Purpose To identify the reason of Japan not complying with the Financial Action Task Force (FATF) recommendation 35 and suggesting a strategic solution to overcoming the barrier. Design/methodology/approach Through contextual, historical, and legal analysis of the anti-money laundering (AML) measures in Japan. Findings This paper implies that less flexible mindsets in stone of major players in the field of AML measures in Japan are the fundamental barrier for Japan not complying with the FATF Recommendation 35, while this paper suggests better realistic ways to address the barrier. Originality/value The novel point of this paper is that this paper illustriously uncovers the mindsets of the major players pertaining to the Japanese AML measures in a very illustrative way, points out the underlying true barrier, and describes a useful strategy desperately needed to address the barrier.

Who's the Legislator Anyway? How the Fatf's Global Norms Reshape Australian Counter Terrorist Financing Laws

2017 ◽  
Vol 45 (1) ◽  
pp. 127-151 ◽  
Author(s):  
Doron Goldbarsht
Keyword(s):  
Task Force ◽  
International Standards ◽  
Soft Law ◽  
Evaluation Report ◽  
Financial Action Task Force ◽  
Terrorist Financing ◽  
Decisive Influence ◽  
Financial Action Task ◽  
Global Norms ◽  
Mutual Evaluation

This article focuses on the Australian implementation of the Financial Action Task Force (FATF) Recommendations, so-called ‘soft law’ instruments, which represent the international standards in Counter Terrorist Financing (CTF) but which force legislators to conform. The article will fill the gaps existing in the literature today by focusing on the origins and motives of broad CTF legislation in Australia, then detailing each of the FATF's CTF Recommendations and the ways in which they are implemented in Australia. This approach differs significantly from other literature in the field, which deals solely with Australian implementation of one of the FATF's components. The current paper's examination will reveal the CTF regime in Australia, a decade after the FATF's first CTF Mutual Evaluation Report on Australia, and its decisive influence.

US will increase Paraguay money-laundering pressures

2019 ◽  
Keyword(s):  
Latin American ◽  
Money Laundering ◽  
Task Force ◽  
Border Area ◽  
Financial Action Task Force ◽  
Content Type ◽  
Lower House ◽  
Financial Action Task

Significance The bill, which now goes to the Lower House, is in line with demands from Gafilat, the Latin American affiliate of the Financial Action Task Force (FATF), which began a long-delayed evaluation of Paraguay’s performance on May 7. This will probably avoid Paraguay returning to the FAFT ‘grey list’ but is unlikely to placate the international financial community. Impacts Abdo Benitez will face an uphill struggle to get anti-corruption legislation through Congress. US pressures will mount with respect to purported terrorism finance in the tri-border area. Lack of progress will complicate relations with the international financial community.

Prospects for Pakistan in 2020

2019 ◽  
Keyword(s):  
Task Force ◽  
Financial Action Task Force ◽  
Content Type ◽  
Terrorist Financing ◽  
Financial Action Task

Subject Prospects for Pakistan in 2020. Significance In early 2020, Pakistan will again face a challenge to convince the intergovernmental Financial Action Task Force (FATF) that it has strengthened its measures against terrorist financing. Islamabad wants to avoid being put on the organisation’s ‘blacklist’, which would expose it to a risk of sanctions at a time when it is trying to spur an economic revival. Meanwhile, Pakistan is looking to bolster its relations with allies as tensions with enemy India simmer over the disputed Kashmir region.

The Nigerian Money Laundering (Prevention and Prohibition) Bill, 2016: a critical appraisal

2017 ◽  
Vol 20 (1) ◽  
pp. 79-88 ◽  
Author(s):  
Ehi Eric Esoimeme
Keyword(s):  
Money Laundering ◽  
Critical Appraisal ◽  
Task Force ◽  
Director General ◽  
Financial Action Task Force ◽  
Content Type ◽  
High Court ◽  
Customer Information ◽  
Financial Action Task ◽  
Financial Intelligence

Purpose This paper aims to critically examine the Money Laundering (Prevention and Prohibition) Bill, 2016. It also aims to determine the level of effectiveness of the preventive measures in the Bill. Design/methodology/approach The appraisal took the form of a desk study, which analyzed various documents and reports such as the Financial Action Task Force Recommendations 2012, Mutual Evaluation Reports conducted by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on Nigeria, the judgment delivered by Justice Gabriel Kolawole of the Federal High Court Abuja and the United Kingdom’s national risk assessment of money laundering and terrorist financing. Findings This paper determined that the Bill could achieve its core objectives if the following recommendations are implemented: section 15 of the Bill should be modified to include the definition of “Arrangement”; lawyers should be allowed to send their Suspicious Transaction Report to the Nigerian Bar Association, provided that there are appropriate forms of cooperation between the NBA and the Financial Intelligence Unit, and this approach is in line with the Financial Action Task Force Recommendations; the Bill should expressly prohibit retaliation by employers against whistleblowers and provide them with a private cause of action in the event that they are discharged or discriminated against by their employers, and this approach is being adopted by the US Dodd–Frank Act; a request for customer information, by the Director-General of the Nigeria Financial Intelligence Centre, should be made pursuant to an order of the Federal High Court obtained upon an ex-parte application supported by a sworn declaration by an authorized officer of the Centre, justifying the request for customer information. Originality/value This paper offers a critical appraisal of the Money Laundering (Prevention and Prohibition) Bill, 2016. The paper will identify the strengths and weaknesses of the Bill. This is the only paper to adopt this kind of approach.

Prospects for Pakistan to end-2019

2019 ◽  
Keyword(s):  
Task Force ◽  
Financial Action Task Force ◽  
Content Type ◽  
Terrorist Financing ◽  
Financial Action Task ◽  
The Imf

Subject Prospects for Pakistan to end-2019. Significance Key challenges for Pakistan in the second half of this year include finalising its latest loan programme with the IMF and extricating itself from the intergovernmental Financial Action Task Force (FATF) ‘grey list’. While the IMF bailout will require consent from Fund executives in Washington, Islamabad will need to convince the FATF that it has taken steps to crack down on terrorist financing.

Sign in / Sign up

Export Citation Format

Share Document