Addressing the opening session of a three-day Global Conference on “Money Laundering and Digital Currencies,” being held under the patronage of HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani, and represented by the Deputy Prime Minister and Minister of State for Cabinet Affairs HE Ahmed bin Abdullah bin Zaid al-Mahmoud, Deputy Governor of QCB and Chairman of the National Anti-Money Laundering and Terrorism Financing Committee HE Sheikh Fahad Faisal al-Thani
referred to recent debates on the risks posed by criminal groups using virtual currencies in an untraceable way and called for a comprehensive discussion on the threats these currencies pose in the field of organised crime.
HE Sheikh Fahad Faisal al-Thani said virtual currency, which is decentralised and deregulated and could be used to buy or exchange into other currencies, has been traded since 2009 and its risks are still relevant, which obliges countries to resolutely deal with it requiring them to take appropriate action to reduce the dangers of the lack of oversight, and the possibility of utilising it in money laundering and terrorist financing.
He said the idea of virtual currencies was presented in 2008 and was described then as monetary electronic financial transaction and is compared to other traditional currencies. However, it was not approved to be fully used on the Internet. He noted that from an economic standpoint, it may prove difficult to encourage the use of virtual currencies due to the reliance on cash.
He maintained, however, that it was possible that people adapt to virtual currencies once the technology catches on more.
He said the current conference presented a unique opportunity for different authorities to co-operate and enhance their capabilities in combating virtual currency-based crimes.
The conference could also add to the debate on the use of virtual currencies by offering tips and guidelines on the way they are used in money laundering, as well as how this money can be tracked down and retrieved.
He stressed that the later objective has become a necessity and expressed his hope that efforts in that respect will continue in the future.
He noted that the world is suffering from frequent economic crises, and stressed the risk it is facing in terms of organised crime and the impact it could have socially and economically.
He added that Qatar is eager to keep up with the developments in terms of combating organised crimes.
In that context, the National Anti-Money Laundering and Terrorism Financing Committee is holding the current conference in the hope that it represents a technical dialogue to shed light on new challenges facing countries, to strengthen the preventative approach against the crime.
He expressed pride in the committee’s achievements under the umbrella of the national strategy of Qatar and listed strengthening the legal framework to combat money laundering and terrorist financing, and regulatory and strengthening the technical framework as the most prominent achievement.
The conference is being hosted by The National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), in collaboration with Interpol, Europol and the Basel Institute.