Doha: The Ministry of Commerce and Industry organized a seminar focusing on the compliance of auditors with Anti-Money Laundering and Combating Terrorist Financing (AML/CFT) regulations. The event saw participation from various auditors, accounting firms, and representatives from related authorities.
According to Qatar News Agency, this seminar is part of the Ministry's continuous efforts to enhance the auditing profession, governed by Law No. (8) of 2020, and to elevate the level of professional compliance in line with national legislation and international standards. By doing so, the Ministry aims to reinforce the vital role auditors play in the anti-money laundering and counter-terrorism financing system.
Key topics covered during the seminar included the legal and regulatory framework necessary for combating money laundering and terrorism financing, insights from the Financial Action Task Force (FATF) mutual evaluation report for the State of Qatar, and the risk assessment responsibilities of auditors and senior management. Participants also discussed mechanisms for identifying suspicious transactions and the consequences of non-compliance.
The Financial Information Unit provided a presentation on the significance of the accounting and auditing sector within the AML/CFT system. The presentation highlighted the regulatory framework in Qatar, involving Law No. (20) of 2019 and its amendments, along with the relevant executive regulations. It also introduced the 'Ekhtar' platform for electronically receiving suspicious transaction reports and explained the registration process.
A prominent audit firm shared its experience in adhering to AML/CFT requirements, showcasing best practices for compliance with national standards and FATF recommendations.
The seminar concluded with an engaging discussion session, where experts addressed participants' questions, emphasizing the importance of cultivating a compliance culture and improving reporting systems within audit firms. These efforts are crucial for safeguarding the business environment and enhancing the integrity of Qatar's financial sector.