Qatar Didn’t Properly Enforce Its Crypto Ban, Global Money Laundering Watchdog Says

Qatar has taken small enactment against crypto companies breaching a prohibition announced successful 2019, a planetary anti-money laundering watchdog said successful a Wednesday report.

The Financial Action Task Force (FATF) urged the Qatar Central Bank (QCB) to beryllium much proactive successful identifying and sanctioning virtual plus work providers (VASPs) that breached its crypto prohibition successful a report, which accused the state of being too lax connected violent fundraising.

“Qatar has not demonstrated that the competent authorities proactively place and instrumentality enforcement enactment for imaginable breaches of this prohibition,” connected crypto firms announced by the Qatar Financial Center Regulatory Authority successful 2019, said the report, though it cites 2,007 transactions that were rejected and 43 accounts closed for integer plus links.

“No ceremonial sanctions person been applied connected a earthy oregon ineligible idiosyncratic for contravening the prohibition,” adjacent successful a lawsuit wherever an unlicensed crypto supplier was allegedly recovered operating successful the country, it added.

“There are large inconsistencies betwixt Qatar’s hazard illustration and the benignant and grade of violent financing enactment prosecuted and convicted,” added FATF, a Paris-based planetary watchdog, which seeks to show and mitigate flows of soiled money, including done a arguable “travel rule” requiring the recognition of participants successful crypto transactions.

Though little crypto-friendly than neighbors specified arsenic the United Arab Emirates, Qatar's cardinal slope politician has pointed to the imaginable benefits of faster payments, and has said the slope was exploring a digital riyal.

In a statement posted connected its website, the cardinal slope said the appraisal – which recovered the state was compliant oregon mostly compliant with each of forty method requirements – “demonstrate the country’s committedness to combatting illicit financing.”

“The State of Qatar continues to amended and continuously fortify its combatting strategy based connected planetary standards,” the connection added. CoinDesk has attempted to scope retired to the cardinal slope for further comment.