Literature review

Literature Review

Naheem (2017) discussed the current conflicts within the Gulf Cooperation Council and its various socio-economic effects on the union. The GCC has persisted a resilient union of the six Gulf nations of Bahrain, Oman, Kuwait, Qatar, Saudi Arabia, and the UAE from 1981. Its current separation is based on accusations of terrorist funding against Qatar and by other participant countries such as Bahrain, Saudi Arabia, and UAE. The strength of this study is that it helps to find the actual problem relating to financing terrorist and money laundering in Qatar. This study also authenticates these accusations which are related to Qatar’s internal anti-money laundering and to minimize the terrorist financing contrivances. It also deliberated the financial and societal value of a united GCC as opposite to internal partitions. For this purpose, the author used the five-principle investigation to current factual data surrounding the existing division amongst the GCC.

Sharma (2017) discussed the recent events which are happening in the gulf. This study provided huge information about the financing terrorist in Qatar. Due to this, its current market economy is affecting a lot. On the other hand, the author also demonstrated that what it means to India if these types of obligations would arise in Qatar. The author describes the relations of Qatar with India and how it is directly affected with its negative obligations. India is mostly dealing with Qatar, and it basically imports 90% of its natural gas. So, due to this, the money laundering and financing terrorist also affects the other countries. For diminishing these types of crisis, the author suggested the international frameworks that could help to combat the problems relating to money laundering.

Mohammed (2017) analyzed the progress of Qatar’s financial system which has been made concerning its anti-money laundering and counters terrorist financing regulations. The author further researched on the legitimate goals of the bodies mentioned above and their dissertation on creating national and international responsibilities to reduce the terrorist financing with the robust AML frameworks. For this purpose, the author described an ex-ante approach to deeply understand Qatar’s strategic insufficiencies before the FATF’s mutual valuation. By analyzing the significant compliance in Qatar, the author demonstrated various international bodies which mainly includes FATF and other financial sector reviews based on AML progress. The author mentioned the international standard for AML/CTF laws which provides compliance with international initiatives and helps to remove money laundering.

Mawali (2015) examined the extents from which Saudi Arabia’s financial growth acts as a locomotive for the Gulf Co-Operation Council region. The estimated results demonstrated the fixed effects panel estimation related to the Saudi’s Arabia economic growth. This study also found the real economic growth in Bahrain and UAE that it has a positive spillover to the rest of the Gulf Cooperation Council. The findings of the study encouraged the GCC region to quicken the procedure of GCC economic integration into Saudi Arabia. This process was basically started in 1983, and it recently became delayed at the phase of operation of the monetary union. In the end, the future investigation should look at the mechanisms and networks through which the monetary growth gets conveyed from one country to the GCC.

Truby (2016) measured the Qatar’s agreement with its international standards. Qatar mainly faces pressure and allegations that it is not doing enough to counter the terror financing and money laundering. The author argued that it does not mean Qatar is avoiding positive actions, but according to the time measures they become outdated because the international community has constricted its regulatory requirements. So, for this purpose, Qatar has to revise its set of rules according to the latest international standards. The author examined Qatar’s efforts to comply with international frameworks against anti-money laundering and terror finance. The study analyzed the real legislative progress methods which help to minimize money laundering and terrorist financing. The results of this research concluded that Qatar has to update their international standards with the new evolution of international expectations in an approaching review.

References

Naheem, Mohammed A. 2017. “Legitimacy of the 2017 GCC Crisis and Qatar’s AML Framework.” Journal of Money Laundering Control 24 (2): 118-35

Al-Mawali, N. (2015). Intra-Gulf Cooperation Council: Saudi Arabia Effect. Journal of Economic Integration30(3), 532-552. doi:10.11130/jei.2015.30.3.532

Truby, J. (2016). Measuring Qatar’s compliance with international standards on money laundering and countering the financing of terrorism. Journal of Money Laundering Control19(3), 264-277. doi:10.1108/jmlc-04-2015-0011

Naheem, M. A. (2017). The dramatic rift and crisis between Qatar and the Gulf Cooperation Council (GCC) of June 2017. International Journal of Disclosure and Governance. doi:10.1057/s41310-017-0025-8

Sharma, Richa. 2017. “The Vicious Gulf Crisis: What Does it Mean for India?” Center for Air Power Studies. (57): 17.