By Satish Kanady
DOHA: Suspicious money transactions and financial deals are on the rise in Qatar. The Qatar Financial Information Unit (QFIU) is receiving an increasing number of information and requests seeking details of suspicious transactions, both from within the country and international agencies.
The number of Suspicious Transactions Reports or STRs that QFIU received in 2011 has gone up by 54.41 percent compared to average number of STRs received during 2007-2010 period. The maximum number of STRs received by it last year was related to fraud transactions — 141, the QFIU’s annual report noted.
Cash deposits in big amounts, details of buying and selling shares, credit cards, issuing cheques, false documents, currency exchange and requests to launch new business activities were among other deals that various agencies either shared with or inquired about with the QFIU.
The QFIU was launched based on a Law (No.4) to combat money laundering and terrorism financing. According to the law, the unit shall serve as a central body which shall be receiving, requesting, and sharing information concerning suspected proceeds of crime, potential money laundering or terrorism financing operations.
The QFIU received a total of 210 suspicious transaction reports in 2011, a little down from the 227 received in the previous year. However, compared to the past four years, the 2011 figures are really high. The total number of inquiries regarding the suspicious transactions in 2009 was 96. In 2008, the QFIU received 74 STRs and the 2007 number was 147.
Of the total inquiries received by the QFIU in 2011, the maximum came from international agencies-49.12 percent. The STRs of the Banks are in the second place-21.1 percent, followed by the National Authorities -16.22 percent, and the Financial Exchange Houses-13.56 percent.
According to QFIU, it received a total of 94 STRs related to 96 individuals from the banks in 2011; and 59 queries were received from the Exchange Houses related to the transactions by 62 individuals. Different Government agencies sent 39 reports about 74 individuals during the year and received 18 STRs about the transactions of a total of 224 individuals.
Among the Government agencies, the QFIU received maximum number of queries from the Ministry of Interior-18. Qatar Exchange and intermediary companies sent a total of 10 reports during the year. Qatar Financial Centre and its affiliated institutions sent four separate reports on suspicious transactions to the QFIU.
The maximum number of STRs received by QFIU was on Fraud Transactions- 141 transactions. The agency received another 110 queries regarding the ‘money transfers in big amounts’. 40 inquiries were related to the ‘cash deposits in big amounts’. Non-compliance with the requirements of opening accounts (25) Information related to drugs transactions (9) , buying and selling shares (5), credit cards (2), issuing cheques (10), false documents (2), currency exchange (2) and request to launch new business activities (2) in Qatar were among other deals those were referred to the QFIU. It received separate requests from the Ministry of Information seeking information on 42 transactions in 2011.
The QFIU received 18 requests of information from International FIUs. It received requests from foreign agencies on the transactions of 224 individuals. Various foreign security agencies requested QFIU to further investigate the transactions of 68 individuals.
Recently, the QFIU launched its “2013 -2017 Strategy “under the slogan “Financial Transparency to Promote Stability and Security”.
The Peninsula
