Saturday, May 30, 2020
Home /  Business  /  MoCI organises workshop on tackling money laundering

MoCI organises workshop on tackling money laundering

QNA
Doha
The Ministry of Commerce and Industry (MoCI) on Tuesday organised a workshop on combating money laundering and financing of terrorism with the participation of representatives of a number of ministries and government bodies members of the National Anti-Money Laundering and Combating the Financing of Terrorism Committee.
The workshop, held in cooperation with Refinitiv Global Corporation, reviewed the latest developments in global compliance and the most prominent regulations and rules for combating money laundering and the financing of terrorism in non-banking sectors, in addition to best practices in this regard and ways to promote the required approach effectively and find the best solutions to reduce this kind of risk.
Director of Department of Corporate Affairs of the MoCI Salem Al Mannai said the workshop comes within the framework of the ministry’s efforts in combating money laundering and financing of terrorism as well as its role in monitoring the commitment of economic entities subject to its licensing and supervision, in addition to its continuous work to remind them with their obligations and how to fulfill them.
Mannai also pointed out that the workshop is one of a series of workshops that the ministry previously organised or that it 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, pointing out the importance of providing such guidelines for non-financial businesses and professions that are specifically subjected to ministry supervision in this field.
Mannai furthermore stated that the workshop, in which a number of entities participate, answers many questions, and reviews a number of observations identified by the Financial Action Task Force (FATF), an inter-governmental body responsible for preparing and developing policies related to combating money laundering and terrorist financing around the world, which contributes to the compliance of companies and non-financial entities with the observations of this group, and achieves many benefits that help in fulfilling the requirements of the anti-money laundering and terrorist financing system.
Meanwhile, Director of Refintiv office in Qatar Ahmed Hafez hailed the effective and pioneering strategic role undertaken by MoCI in introducing and raising awareness about the risks and challenges of the anti-money laundering and terrorist financing regulations for the banking and financial sectors or other sectors in Qatar.
The workshop, during which Mohamed Daoud, Director of Business Development and Governance, Risk and Compliance (GRC) expert at Refinitiv (formerly Thomson Reuters) delivered a lecture, addressed several topics related to the latest developments in the mutual evaluation of FATF, and the latest developments in the field of combating money laundering and terrorist financing in terms of compliance, trends and challenges.
The workshop also tackled the methodology of the Financial Working Group to assess the degree of compliance with its recommendations, commercial behavior, ethical actions, anti-bribery and corruption, as well as publicising the culture of compliance and training, e-learning of the MoCI and other related topics.

Pages