Global Conference On Money Laundering And Digital Currencies Begins

Doha, January 16 (QNA) - The National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), in collaboration with INTERPOL, EUROPOL and the BASEL Institute, is hosting a three-day Global Conference on "Money Laundering and Digital Currencies," under the patronage of HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al Thani, represented by the Deputy Prime Minister and Minister of State for Cabinet Affairs HE Ahmed bin Abdullah Al Mahmoud. In his opening speech, Deputy Governor of Qatar Central Bank (QCB) and Chairman of the National Anti-Money Laundering and Terrorism Financing Committee HE Sheikh Fahad Faisal Al-Thani noted that the world is suffering from frequent economic crises, and posing a risk in terms of organized crime and the impact it could have socially and economically. He added that the State of Qatar is eager to keep up with the developments in terms of combatting organized crimes. In that context, the National Anti-Money Laundering and Terrorism Financing Committee held today's 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 the pride of the committee's achievements under the umbrella of the national strategy of Qatar regarding the matter, naming strengthening the legal framework to combat money laundering and terrorist financing, and regulatory and strengthening the technical framework as the most prominent achievement. HE Sheikh Fahad Faisal Al-Thani said the idea of virtual currencies was presented in 2008 and was described then as monetary electronic financial transactions and is compared to other traditional currencies, however was not approved to be fully used on the internet. The virtual currencies is decentralized and deregulated and could be used to buy or exchange into other currencies, explaining it 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 utilizing it in money laundering and terrorist financing. Interpol Executive Director of Police Services Tim Morris said in his keynote that the Doha conference in the first of its kind, in terms of the work team, that it brings together Interpol, Europol and Basel Institute on Governance. He considered the conference to be the fruit of tireless efforts made by the three organizations, especially with regard to combating crimes related to using virtual currencies, pointing that the aim of the conference is to help police agencies all over the world in order to eliminate this type of crimes, as well as to develop the necessary capacities in order to identify, prevent and investigate them. He pointed that virtual currencies, have become a significant challenge for law enforcement, making it necessary for the three organizations to work together, and exchange expertise in order to combat this type of crime. Morris expressed hope that this cooperation would provide law enforcement agencies with the necessary tools and capabilities for monitor, prevent and investigate this crime. He stressed that these crimes have a negative impact on national economies, hence everyone must work together confront and eliminate them, regardless of their geographical location. Head of Financial Intelligence in Europol Simon Riondet underlined the importance of the Conference for exchanging experiences, stressing that combating these crimes is a shared responsibility which requires the exchange information. He explained that the use virtual currency poses a new challenge that obliges financial investigators to understand the risks of these currencies and the law enforcement agencies to strengthen their policies. Riondet voiced the worries of Interpol, Europol and Basel Institute on Governance, over the spread of this phenomenon, adding that experience and exchange of information showed the importance of sharing experiences among different countries, agencies and regulatory authorities to address the threat of money laundering and virtual currencies.