FATF, a Paris-based global watchdog organization that aims to monitor and mitigate flows of illicit funds, has criticized Qatar’s risk profile for being inconsistent with the type and extent of terrorist financing activity prosecuted and convicted in the country. In a statement, the organization underscored the need for increased efforts to combat money laundering, noting that the country’s monetary system is vulnerable to abuse. This comes amid the implementation of a controversial “travel rule” requiring the identification of participants in crypto transactions. The rule seeks to prevent the transfer of illicit funds using digital currencies. Despite these efforts, concerns have emerged regarding the effectiveness of enforcement measures in Qatar. In response, authorities must take action to strengthen the regulatory framework and step up efforts to curb terrorist financing activities. As the fight against dirty money continues, it is critical for regulators to prioritize transparency and accountability in the financial sector.
This news was first seen here: Qatar’s Central Bank Didn’t Properly Enforce Its Crypto Ban, Money Laundering Watchdog FATF Says on 2023-06-01 10:50:56
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