The Ministry of Commerce and Industry (MoCI) Tuesday held a training session in identifying the beneficial owners as part of measures to combat money laundering and terrorism financing.
The training session titled 'Identifying the Beneficial Owner within the Framework of Exercising Due Diligence' witnessed the participation of several trust fund service providers and companies, auditors, and dealers in precious metals and gems.
The session, which took place at the headquarters of the ministry, dealt with topics related to money laundering and terrorism financing, how to combat it, and how to identify the beneficial owner.
It included several presentations that specified the principles and definitions of money laundering and terrorism financing crimes as per Law No (20) of 2019 and its implementing regulations, the different stages associated with money laundering and terrorism financing, and the most recent patterns in money laundering and terrorism financing in financial institutions and supervised entities.
Moreover, the session discussed concepts and due diligence measures, their various levels, ways to verify customers, identifying the entities working on behalf of the clients, the types and levels of targeted financial penalties, the external and internal reporting procedures related to suspicious transactions, and the basic principles needed to ensure the compliance of the supervised entities concerning money laundering and terrorism financing requirements.
The session also showcased the MoCI’s efforts to co-ordinate and cooperate with the competent authorities to limit illegal financing and reviewed the country’s achievements in implementing initiatives to enhance compliance with the requirements of money laundering and terrorism financing and the proliferation of weapons of mass destruction in financial sectors.
