Doha: The Ministry of Commerce and Industry organized a seminar on auditors' compliance with the Anti-Money Laundering and Combating Terrorist Financing (AML/CFT) regulations, with the participation of several auditors, accounting firms, and representatives of relevant authorities.
This seminar comes within the framework of the Ministry's ongoing efforts to develop the auditing profession, which is regulated by Law No. (8) of 2020, and to raise the level of professional compliance in accordance with the provisions of national legislation and relevant international standards, thereby strengthening the role of auditors in supporting the anti-money laundering and counter-terrorism financing system.
The seminar addressed a number of key topics, including the legal and regulatory framework for combating money laundering and terrorism financing, the Financial Action Task Force (FATF) mutual evaluation report for the State of Qatar, risk assessment for auditors, the responsibilities of auditors and senior management, mechanisms for identifying suspicious transactions, and the penalties for non-compliance.
The Financial Information Unit presented on the importance of the accounting and auditing sector in the AML/CFT system. The presentation reviewed the regulatory framework in the State of Qatar, including Law No. (20) of 2019 and its amendments, the relevant executive regulations, and the instructions and guidelines issued by the Ministry of Commerce and Industry regarding reporting obligations. It also introduced the 'Ekhtar' platform, dedicated to receiving suspicious transaction reports electronically, and explained the registration process.
A major audit firm also shared its experience in implementing AML/CFT requirements, highlighting its best practices for complying with national standards and FATF recommendations.
The seminar concluded with an interactive discussion session where experts answered participants' questions, emphasizing the importance of fostering a culture of compliance and enhancing reporting systems within audit firms. This contributes to protecting the business environment and enhancing the integrity of the financial sector in the State of Qatar.
