MoCI Sets New Standards for Anti-Illicit Finance Programmes

The Ministry of Commerce and Industry, in cooperation with the Qatar Finance and Business Academy, organized specialized training courses titled “How to Prepare Anti-Illicit Financing Programs and Mandatory Reports” in the field of anti-money laundering and counter-terrorism financing. The sessions were held via virtual communication technology, with participation from trust and company service providers, auditors, and dealers in precious metals and gemstones.

Courses aimed to clarify the mechanisms for preparing mandatory reports and required annual declarations, contributing to strengthening compliance with relevant regulatory requirements and improving compliance efficiency within these sectors.

The sessions focused on enabling participants to understand the legal and regulatory frameworks and to develop their capabilities in preparing institutional programs to combat financial crimes, in addition to introducing the requirements for mandatory reporting and the mechanisms for preparing and submitting such reports in accordance with approved regulations.

They also addressed the practical application of the risk-based approach, methods for classifying clients according to risk levels, and the requirements for preparing business risk assessment reports and their alignment with anti-money laundering programs. 

The sessions further covered mechanisms for reporting suspicious transactions, the practical challenges associated with them, and the role of independent review in identifying deficiencies and enhancing the effectiveness of compliance systems.

The courses witnessed notable engagement from participants, reflecting an advanced level of awareness regarding the importance of establishing a culture of compliance, building institutional capacity, and enhancing the efficiency of employees in these vital sectors, thereby supporting national efforts to protect the country’s economic system from financial crime risks.

This initiative comes as part of the Ministry’s efforts to raise awareness among entities under its supervision regarding the legal and regulatory requirements related to combating illicit financing crimes, and to enhance the efficiency of their internal control systems in line with relevant national and international best practices and standards.