Provided is an improved catalyst and a process employing same in the treatment of exhaust gases generated by internal combustion engines. The catalyst comprises a support and an active phase comprising copper, cerium and/or iron, at least one metal selected from the group consisting of platinum and palladium, and at least one metal selected from the group consisting of iridium and rhodium. The catalyst is particularly active in the removal of carbon monoxide, unburned hydrocarbons and nitrogen oxides generally present in the exhaust gases of an internal combustion engine.