Qatar Country Summary

FATF Status

Qatar is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Evaluation relating to the implementation of anti-money laundering and counter-terrorist financing standards in Qatar was undertaken in 2023. According to that Evaluation, Qatar was deemed Compliant for 32 and Largely Compliant for 8 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 4 of the Effectiveness & Technical Compliance ratings.

Qatar has implemented a robust legal framework to combat corruption and promote transparency, with significant penalties for corrupt practices and a dedicated authority overseeing these efforts. Despite these measures, challenges persist, particularly regarding human trafficking and exploitation of migrant workers, as well as issues related to organized crime and financial misconduct, which are exacerbated by the influence of personal connections in business dealings.

Qatar's economy is characterized by its status as one of the world's largest exporters of liquefied natural gas (LNG), contributing to a high per capita income and a gross domestic product (GDP) of $194 billion in 2023, marking a 2% annual increase. The International Monetary Fund (IMF) forecasts continued growth, with GDP expected to rise by 1.5-1.9% annually from 2024 to 2025, primarily driven by QatarEnergy's ambitious plans to expand LNG production significantly. The Qatari government actively encourages foreign direct investment (FDI) through reforms allowing up to 100% foreign ownership in many sectors, aiming to attract $100 billion in FDI by 2030, while also addressing challenges such as labor market localization and bureaucratic hurdles for foreign businesses.