MoCI steps up counter-terrorist financing compliance in Qatar

Doha [Qatar], October 20: The Ministry of Commerce and Industry organized a dialogue workshop entitled "Trust and Company Service Providers Forum" to enhance awareness of requirements related to anti-money laundering (AML), counter-terrorist financing and counter-proliferation financing. The forum was attended bySaleh Abdullah Al Mana, Assistant Undersecretary for Commerce Affairs at the Ministry of Commerce and Industry, along with a number of senior Ministry officials and representatives of trust and company service providers.
On this occasion, the Ministry affirmed that the forum forms part of its efforts to strengthen communication and cooperation with trust and company service providers, raise awareness of anti-money laundering and counter-terrorist financing requirements, and discuss the key challenges they face and the practical mechanisms for addressing them.
The Ministry noted that the trust and company service providers sector is an important component of the national anti-money laundering and counter-terrorist financing framework, given its role in establishing and managing legal structures and ownership arrangements. Compliance with regulatory and supervisory requirements is therefore a key pillar in enhancing transparency and protecting the national economy. The Ministry also highlighted the importance of exchanging expertise and experiences to identify solutions that enhance transparency and improve the efficiency of the sector, particularly as the State of Qatar prepares for its upcoming mutual evaluation.
The forum also forms part of the Ministry's efforts to promote economic integrity, protect the financial system from financial crimes, and enhance awareness among regulated entities of anti-money laundering, counter-terrorist financing and counter-proliferation financing requirements.
It also provided an opportunity to identify the main practical challenges and gaps observed through supervisory activities and to work jointly to discuss them and determine appropriate measures to address them, in a manner that strengthens compliance and improves the effectiveness of the sector.These efforts support the State's work to address money laundering and terrorist financing risks and advance sustainable development, in line with Qatar National Vision and its objective of building a strong, competitive and transparent economy.
Source: Qatar Tribune