| Subject: | Changes informed by FIU Qatar |
|---|---|
| Date: | Tue, 29 Jun 2021 11:25:49 -0400 |
| From: | Gonzalo Alvarado <gonzalo.alvarado@egmont.org> |
| To: | a-fiu@egmont.org, ahmed.elbashari@egmont.org, ahmed.mancer@egmont.org, aif@egmont.org, albert.sikapizye@egmont.org, amlc@egmont.org, AMLD@egmont.org, amlo@egmont.org, amlscu@egmont.org, AMLSCU-Requests-1@egmont.org, AMLSCU-Requests-2@egmont.org, amlu-jordan@egmont.org, andre.kanga@egmont.org, andrey.frolov@egmont.org, annalou.tirol@egmont.org, AnnaLou.Tirol@egmont.org, apml@egmont.org, arsim.fejzullahu@egmont.org, aseel.qadi@egmont.org, asta.piesinaitezangla@egmont.org, AUSTRAC.HoFIU@egmont.org, austrac.requests@egmont.org, azefms-icd@egmont.org, azefms-requests@egmont.org, bahrain-fiu@egmont.org, behar.xhema@egmont.org, Belize-FIU@egmont.org, Berdie.daley@egmont.org, bess.michael@egmont.org, BFIU@egmont.org, bilen.kerga@egmont.org, Bolivia-Requests@egmont.org, Boudewijn.Verhelst@egmont.org, brenda.mahoro@egmont.org, bulgaria-fiu@egmont.org, cayfin@egmont.org, cbsl@egmont.org, centif.togo@egmont.org, centif@egmont.org, centif-benin@egmont.org, centif-bf-requests@egmont.org, 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Message sent on behalf
of the EC Sub-Committee, consisting of the Egmont Group Committee Chair, the Chair of the Membership Support and Compliance Working Group, and the Regional Representative for MENA
Dear HoFIU,
We hope this email finds you
well.
Please be advised that FIU Qatar,
through a letter dated 21 March 2021, notified the EGS about changes in their organization brought by Law 20 of 2019 and its Implementing Rules and Regulations. FIU Qatar later clarified that these changes entered into force in 2019.
Taking into consideration that
the applicable document for reviewing these types of cases is the “Addendum to the Egmont Group Membership Procedure as read with the Egmont Group Support and Compliance Process” (attached), the assessment of this notification was conducted by an EC
Sub-Committee formed by:
This notification, in opinion of the EC Sub-committee, would meet the members’ responsibility established in Section 4.1-B of the Charter: “all members will inform the Egmont Group Secretariat of significant changes to their organizational structure, mandate and operational status, which may affect their eligibility as a member”. Nonetheless, the notification would not fully meet section “1. Notification” of the Addendum, that stipulates that “upcoming changes should be notified at the earliest possible stage, at the least before they are adopted and entered into force”.
After reviewing the letter and comparative chart submitted by FIU Qatar, which addresses all the Egmont Membership Criteria, the EC Sub-committee finds that in many aspects the new law in Qatar reflects the wording expected set in the AML/CFT international standards in relation to its powers. Moreover, among the EC Sub-committee’s main findings it is important to highlight the following:
Based o the above-mentioned, the EC Sub-committee concludes that the informed changes do not affect the Egmont admission criteria as such and do not result in a situation where the admitted member FIU can no longer be considered as an Egmont recognized FIU. This conclusion has been reached in accordance with Addendum to the “Egmont Group Membership Procedure” as read with the “Egmont Group Support and Compliance Process” and has been already informed to the Egmont Committee and FIU Qatar. In addition, FIU Qatar was reminded that the Egmont Group expects that these types of changes should be informed at the earliest possible stage.
For your reference, please find attached the following documents:
Best regards,
EC Sub-Committee