Qatar Financial Information Unit

The Qatar Financial Information Unit (QFIU) is a Qatari government regulatory agency responsible for financial intelligence efforts to combat money laundering and financing of terrorism. Like other national Financial Intelligence Units (FIU) around the world, it requires banks, investment companies, insurers and other financial institutions to report suspicious financial transactions. QFIU then analyzes the information and disseminates the relevant data to law enforcement authorities for further investigation and action.

Founded in 2004, QFIU is led by Ahmad bin Eid al-Thani. Its mission is to “[protect] the integrity and economy of the State of Qatar through effective exchange of information, transparency enhancement and capacity building to help detect and deter money laundering and terrorism financing activities.” The QFIU is a “semiautonomous component” of Qatar’s National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), and is housed in the Qatar Central Bank. Other national partners include the Qatar Financial Centre, State Security Bureau, Ministry of Interior, Criminal Investigation Department Section of Fighting Economic Crimes, Ministry of Justice, Ministry of Business and Trade, Public Prosecution, General Directorate of Customs, Financial Institutions, and Ministry of Social Affairs.

QFIU also partners with FIUs in the region and worldwide. It is an active member of the Egmont Group, an “informal network” of international FIUs organized “to foster international cooperation and information exchange” among its 139 members. QFIU serves as co-chair of the Asia Group within Egmont, along with FIU-India. In order to promote cooperation and information sharing with international and regional FIU’s and provide professional development to its staff, QFIU is a regular participant in Egmont and other FIU and Anti-Money Laundering conferences and forums.

In 2009, QFIU signed a Statement of Cooperation with the Japan Financial Intelligence Center to expand financial intelligence sharing by “facilitating the exchange of information in assisting investigations concerning money laundering, terrorist financing and related crimes.”

A 2008 report produced by the Middle East and North African Financial Action Task Force and conducted by IMF officials raised several shortcomings in QFIU’s creation and operations. According to the report, “The main shortcoming is that the administrative order establishing the FIU and empowering it with a number of functions appears to be inconsistent with the provisions of the AML Law that gave such powers to the coordinator of NAMLC.” It also noted that “the quality of STR [Suspicious Transaction Reports] needs improving,” that information was not adequately protected, and that there was periodic review of its effectiveness in combatting terrorism finance and money laundering.

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