Saturday, 17 April 2021 09:55 GMT

Qatar- Georgetown University organises lecture on Black Money


(MENAFN - The Peninsula) Dr Reem Al Ansari delivering the lecture.

DOHA: Dr Reem Al Ansari a professor at Qatar University’s College of Law and the 2015-2016 CIRS Qatar University Fellow at Georgetown University in Qatar delivered a lecture on ‘Black Money’ at International and Regional Studies (CIRS) Monthly Dialogue Lecture Series.

Defining the term “money laundering” she said money laundering refers to an amount of money leaving from destination A and using techniques to make it seem like the funds were obtained from destination B a legal source.” Once the money has moved through several banks in several countries it can then be returned to its owner ready to be used as legitimate funds.

Adding that Qatar is also a target of this criminal activity she said: “Qatari authorities have responded to the threat of money laundering aggressively with the National Money Law in 2010.” This comprehensive law was enacted following the unsatisfactory conclusion of an IMF-led evaluation report of Qatar’s banking system. “That was Qatar’s awakening to the threat and it led to the new law.”

Further strengthening Qatar’s anti-corruption commitment she added that “Qatar now adheres to the series of recommendations that FATF has developed and that set the international standard for combating of money laundering” referring to the nation’s membership to the Financial Action Task Force an intergovernmental policy-making body established in 1989 to promote effective implementation of measures for combating threats to the integrity of the international financial system.

The consequences of unchecked money laundering she concluded are severe including increased criminal activity and currency inflation in developing economies which bear the consequences of economic collapse when critical funds simply disappear as they continue through the multi-step money cleaning process.The Peninsula


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