Doha, August 26 (QNA) - The Regulatory Authority for Charitable Activities (RACA) organized a forum to discuss the key results of updating the national assessment of money laundering and terrorist financing risks and its implications for the non-profit sector, with the aim of enhancing governance, transparency and financial integrity in these organizations, in line with local laws, international standards and the modern trends of the Financial Action Task Force (FATF).
The forum discussed ways to enable non-profit organizations to understand the results of the updated national assessment of money laundering and terrorist financing risks and its implications for the non-profit sector, and to benefit from it in identifying and managing the risks specific to each organization, according to the nature of its activities, sources of funding and the geographical areas in which it operates.
In this context, Director of the Office of the Director General of the RACA Khalid Abdulrahman Al Musleh said that the forum is of particular importance as it coincides with the updating of the national assessment of money laundering and terrorist financing risks, as it is one of the important national tools for understanding the nature of the risks, challenges and aspects that require further strengthening at the state level and in the various sectors.
He indicated that the RACA was keen to include some of the results of the update of the National Risk Assessment in the context of the non-profit sector, in order to support the formation of an integrated picture of the nature of the challenges that the sector may face.
In turn, Director of Policy and Risk Management at the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC) Ahmed Issa Al Mannai indicated that the importance of the forum lies in the fact that it does not only address the National Risk Assessment from a theoretical standpoint, but also focuses on the key updates and what the results of this process mean for the non-governmental organizations sector, and ways to benefit from them in developing its risk management.
He pointed out that the role of the NAMLC is to support coordination and cooperation between national authorities, and to promote joint action to address the risks of money laundering and terrorist financing, including supporting efforts related to reducing risks and achieving national priorities.
As part of the forum's activities, Ziad Sweidan, a risk management and compliance expert at the RACA, addressed two main topics. The first reviewed the results of updating the national assessment of money laundering, terrorist financing, and arms proliferation financing risks in the context of the non-profit sector, and risk-based self-regulation and its role in protecting non-profit organizations from the risks of exploitation.
The second topic addressed the key results and methodology of updating the national assessment of money laundering, terrorist financing and arms proliferation risks for 2020–2024, its implications for the non-profit sector and the required actions in light of it.
He also addressed the concept of risk-based self-regulation, the importance of linking national and sectoral risk assessments to the self-assessment of organizations, and the application of controls and measures proportionate to risks in a way that contributes to protecting organizations from exploitation without affecting their legitimate activities.
The third topic of the forum addressed the presentation of practical models for developing risk-based self-regulation, during which two practical experiences of Qatar Charity and the Qatar Red Crescent Society (QRCS) in the field of self-assessment of risks and designing appropriate preventive measures were reviewed.
On the other hand, Chief Governance and External Affairs Officer at Qatar Charity Mohammed Ali Al Ghamdi addressed the Qatar Charity's experience in employing artificial intelligence to enhance compliance and reduce risks in humanitarian and development work. In addition, Qatar Charity uses artificial intelligence to assess country risks, apply due diligence procedures towards partners, examine suppliers and supply chains, monitor humanitarian projects, and prepare oversight reports.
He also highlighted controls for the safe and responsible use of AI, the application of a supervisory approach that is commensurate with the level of risk, and directing supervisory resources towards the highest risks, rather than distributing them equally.
For his part, Hajjaj Ibrahim, representative of QRCS, showcased QRCS's methodology for conducting self-assessments of money laundering and terrorist financing risks, addressing the risk factors and their assessment mechanisms, the methodology used in risk assessment, the key main risk factors, in addition to the general framework of supervisory measures adopted in accordance with the risk-based approach. (QNA)