MoCI steps up counter-terrorist financing compliance in Qatar

The Ministry of Commerce and Industry (MoCI) in Qatar has intensified its efforts to combat terrorist financing and money laundering through a series of dialogues and workshops. One such event, titled "Trust and Company Service Providers Forum," was organized to raise awareness about Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements. The forum brought together officials from the MoCI, senior Ministry personnel, and representatives of trust and company service providers.

Saleh Abdullah Al Mana, Assistant Undersecretary for Commerce Affairs, was among the key figures present at the dialogue. The MoCI emphasized that the forum serves as a platform to strengthen communication and cooperation with the sector, while also enhancing awareness of the regulatory obligations that trust and company service providers must adhere to.

The ministry highlighted the sector's crucial role in establishing and managing legal structures, making compliance a vital component in promoting transparency and safeguarding the national economy.

In addition to raising awareness, the forum also aimed to discuss the challenges faced by service providers and brainstorm practical solutions to address them. This collaborative approach is crucial as Qatar prepares for its upcoming mutual evaluation, which assesses the country's compliance with international AML/CTF standards.

The MoCI's initiatives are part of a broader strategy to promote economic integrity and protect the financial system from financial crimes. By fostering dialogue and cooperation, the ministry seeks to identify and resolve gaps in compliance and improve the overall effectiveness of the sector. This approach not only bolsters Qatar's efforts to combat money laundering and terrorist financing but also aligns with the nation's broader development objectives, as outlined in the Qatar National Vision.