MEC organises seminar on anti-money laundering

The Ministry ofEconomy and Commerce (MEC) yesterday held a seminar, titled ‘Anti-MoneyLaundering and Terrorism Financing Regulations’, which brought togetherlegal auditors working in Qatar and registered with the MEC.Theseminar, which brought together representatives of the FinancialInformation Unit at Qatar Central Bank (QCB), touched on the role of theauditing profession in combating money laundering and terrorismfinancing. Participants were briefed on the unit’s role and discussedco-operation between the unit and auditors to facilitate the work of theAnti-Money Laundering and Combating the Financing of TerrorismCommittee with the support of accounting offices and companies operatingin Qatar, the MEC said in a statement.  The participants also discussed preventive and punitive provisions stipulated in Law No 4 of 2010.Theseminar comes within the framework of the ministry’s keenness topromote the auditing profession, which is regulated by the accountsauditing Law No 30 of 2004. “The MEC is also keen on contributing tothe development of the accounting and auditing profession, whichreflects economic performance and represents a safety valve,” thestatement adds.During the seminar, the participants were briefed onthe joint efforts by the MEC and QCB’s Financial Information Unit toraise awareness about anti-money laundering and terrorism financingregulations as well as co-operation between the ministry and auditors inreporting any suspected money laundering and terror financing activity.The attendees also emphasised the need to ensure the compliance ofauditing offices with laws regulating anti-money laundering andterrorism financing.At the end of the seminar, the lecturers answered all queries of auditors and accounting offices operating in Qatar.