MoCI workshop focuses on combating money laundering, financing of terrorism
January 28 2020 08:37 PM
Ministry of Commerce and Industry

QNA/Doha

The Ministry of Commerce and Industry (MoCI) has organised a specialised workshop on combating money laundering and the financing of terrorism with the participation of representatives from a number of ministries and government bodies as well as members of the National Anti-Money Laundering and Combating Financing of Terrorism Committee.
The workshop, held in co-operation with Refinitiv Global Corp, reviewed the latest developments in the global compliance and the prominent regulations for combating money laundering and the financing of terrorism in non-banking sectors.
It also focused on the best practices in this regard and ways to promote the required approach effectively and find the best solutions to reduce the risk.
Director of Department of Corporate Affairs of the MoCI Salem al-Mannai said the workshop came within the framework of the Ministry's efforts in combating money laundering and the financing of terrorism as well as its role in monitoring the commitment of economic entities subject to its licensing and supervision.
Al-Mannai pointed out that the event was one among a series of workshops the Ministry previously organised, or participated in organising, adding that all of them fall within the framework of the Ministry's competencies in order to introduce best practices and guidelines for combating money laundering and terrorist financing.
He said focused on the importance of providing such guidelines for non-financial businesses and professions that are specifically subjected to the Ministry’s supervision.
Al-Mannai said that the workshop answered a number of questions, and reviewed a number of observations identified by the Financial Action Task Force (FATF), an intergovernmental body responsible for developing policies related to combating money laundering and terrorist financing around the world.
These contribute to facilitating the compliance of companies and non-financial entities, helping in fulfilling the requirements of the anti-money laundering and combating terrorist financing system.
Director of the Refintiv office in Qatar Ahmed Hafez praised the effective and pioneering strategic role undertaken by the MoCI in raising awareness about the risks and challenges posed by the anti-money laundering and terrorist financing regulations for the banking and financial sectors as well as other sectors in Qatar.
The workshop, during which Mohamed Daoud, director of Business Development and Governance, Risk and Compliance (GRC) at Refinitiv delivered a lecture, addressed several topics related to the latest developments in the field of combating money laundering and terrorist financing in terms of compliance, trends and challenges.
The workshop also focused on the methodology to assess the degree of compliance with its recommendations, commercial behaviour, ethical actions, anti-bribery and corruption practices, as well as publicising the culture of compliance and training, as well as related e-learning at the MoCI.



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