Doha, June 25 (QNA) - The Ministry of Commerce and Industry (MOCI) and the Qatar Financial Information Unit (QFIU) signed a mechanism to regulate the registration of entities subject to the ministry's supervision on the "Ekhtar" platform, as part of efforts to enhance cooperation and improve the efficiency of electronic reporting of suspicious transactions.

The mechanism was signed by MOCI's Assistant Undersecretary for Commerce Affairs Saleh Abdullah Al Mannai, and Head of the QFIU Sheikh Abdullah bin Hamad bin Mubarak Al-Thani.

In a statement, the ministry said the mechanism aims to organize the responsibilities of both parties regarding the registration of reporting entities supervised by the ministry on the "Ekhtar" platform, which receives electronic suspicious transaction reports, while enhancing coordination and data exchange.

Under the mechanism, the ministry will provide the QFIU with details of approved reporting officers and their deputies, along with any updates, while the QFIU will create user accounts on the platform and notify them electronically to complete registration procedures.

The mechanism requires supervised entities to complete registration and activate their accounts within three working days of receiving the activation link. Reminder notifications will be sent if procedures are not completed within the specified period, while administrative and financial penalties will apply in cases of non-compliance.

It also regulates procedures for updating the information of reporting officers and their deputies, requiring entities to promptly update their data through the ministry's survey platform whenever changes occur.

The statement added that the mechanism provides for enhanced coordination and follow-up through regular exchange of registration and activation data, as well as semi-annual reviews to verify and continuously update information related to registered entities.

The ministry affirmed its continued cooperation and full support for the QFIU to improve the quality and level of reporting among entities under its supervision, contributing to the development of electronic suspicious transaction reporting and supporting Qatar's preparations for the upcoming mutual evaluation by the Financial Action Task Force (FATF). (QNA)