As part of Qatar’s ongoing commitment to reduce the risk of money laundering and terrorism financing within Qatar, Law No.4 of 2022 concerning the regulation of the use of cash in transactions (the “Cash Transactions Law”) was published in the Official Gazette No. 7 of 2022 dated 3 July 2022. The Cash Transactions Law is effective from the date of its publication. Pursuant to the Cash Transactions Law, it is prohibited to use cash in transactions that exceed the value of QAR50,000 (approximately US$ 13,732.5). The Council of Ministers have the right to amend this threshold. For transactions exceeding this threshold amount, alternative modes of payment such as cheques, bank transfers and bank cards must be used. Cash, as defined in the Cash Transactions Law, includes all banknotes, coins, and other monetary instruments issued by the Qatar Central Bank or any traded foreign currency.
Following the issuance of the Cash Transactions Law, all entities subject to the Cash Transactions Law must ensure compliance with its terms within a period not exceeding six months of the Cash Transaction Law’s enactment.
The scope of what constitutes a transaction for the purposes of the Cash Transactions Law is not yet determined, nor what trading outlets will be covered, with a decision of the Council of Ministers to follow to set out such details.