Doha, April 21 (QNA) - In cooperation with Qatar Academy for Finance and Business, the Ministry of Commerce and Industry (MOCI) organized specialized online training courses on preparing anti-illicit financing programs and mandatory reporting in the field of combating money laundering and terrorist financing, with the participation of a number of trust and company service providers, auditors, and precious metals and gemstone traders.

According to MOCI statement, the courses aimed to clarify the mechanisms for preparing mandatory reports and required annual declarations, which contributes to enhancing the level of compliance with relevant regulatory requirements and raising the efficiency of compliance in these sectors.

The courses focused on enabling participants to understand the legal and regulatory frameworks, developing their capabilities in preparing institutional programs to combat financial crimes, as well as introducing the requirements of mandatory reports and the mechanisms for preparing and submitting them in accordance with the approved controls.

The courses addressed the practical application mechanisms of the risk-based approach, ways to classify clients according to risk levels, the requirements for preparing business risk assessment reports and their consistency with the anti-money laundering program, in addition to mechanisms for reporting suspicious transactions, the practical challenges associated with them, and the role of independent auditing in monitoring shortcomings and enhancing the effectiveness of the compliance system.

The courses witnessed remarkable interaction from the participants, reflecting an advanced awareness of the importance of establishing a culture of compliance, building institutional capacities, and enhancing the efficiency of workers in these vital sectors, which contributes to supporting national efforts aimed at protecting the state’s economic system from the risks of financial crimes.

MOCI organizes these courses as part of its efforts to raise awareness among the entities under its supervision regarding the legal and regulatory requirements related to combating illicit financing crimes, and to improve the efficiency of their internal control systems, in line with best practices and relevant national and international standards. (QNA)