Anti-Money laundering in the face of globalization (State of Qatar as Model)i

Money laundering is a hindrance to the economic developments of a country and is currently a global challenge that involves organized criminal groups that transcend across the globe. It is defined as any activity whose purpose is to conceal and disguise the proceeds of crime in ensuring that the origins, as well as the destination of the proceeds of crime, are successfully covered up. Though it has been there for decades, globalization has facilitated its rapid increase through free integration among countries in the world, as well as the advancement of communications technology. Money laundering is associated with other crimes known as predicate crimes which include drug trafficking, human trafficking, arms trafficking, environmental crimes, selling of stolen items, among others. Terrorist financing is also closely associated with money laundering. This study uses Qatar as the model and sets out to establish the current situation related to money laundering, as well as the determination of the prevention policies for money laundering in Qatar. The main purpose of this study is to establish the current situation of money laundering in the country as well as the effectiveness of the current preventive measure that are being used to combat crime.
The study has only focused on money laundering situation in Qatar and has made use of secondary data that is directly or indirectly related to money laundering. Most of the secondary data is related to the customs department, local and international demographic statistics on Qatar, as well as other relevant data that has assisted in providing important information to give valuable insight on the money laundering situation in the country. Qatar's economy is growing as indicated by the increasing level of trade, presenting a peaceful environment in contrast to other countries in the Middle East and North African region. Despite the country showing vulnerability characteristics to money laundering, it is peaceful, and the money laundering situation is not threatening. As a result of its exposure to money laundering, a lot still needs to be done to strengthen AML/CTF efforts through adopting various reforms to the current measures and policies.