Qatar clamps down on money laundering

The Associated Press

DOHA, Qatar -- The Qatari Cabinet approved an anti-money laundering law, becoming the third Gulf state to take such a step since the Sept. 11 terror attacks.

The law stipulates that money launderers will receive prison terms of between five and seven years and hefty fines. It was passed Wednesday by the Cabinet.

"The law will give authorities the necessary tools to track and combat money laundering operations in Qatar," central bank governor Abdullah bin Khaled al-Attiyah told The Associated Press.

The clampdown follows U.S. pressure on Persian Gulf states to squeeze the financial resources of terrorists in the wake of the Sept. 11 attacks.