Qatar Chamber recently conducted a comprehensive two-day training course on “Anti-Money Laundering,” drawing participation from 49 representatives from the Ministry of Interior, exchange companies, and insurance firms. The training, in collaboration with Al Rowad Training Centre, covered a range of critical topics related to combating money laundering and terrorist financing.
Key Highlights:
- Training Scope: The course provided insights into money laundering crimes, terrorism financing, and the strategies to combat them. Delivered by Nashat Jaber, an expert consultant in financial crime prevention, money laundering, and terrorist financing, it employed various teaching methods, including interactive lectures, presentations, group discussions, workshops, case studies, and training videos.
- Legal Framework: Participants were introduced to the legal framework governing anti-money laundering and terrorism financing, primarily focusing on Law No. (20) of 2019, which pertains to Anti-Money Laundering and Terrorism Financing. The training aimed to enhance understanding and compliance with relevant regulations.
- Money Laundering Concepts: The course covered fundamental concepts, definitions, and stages of money laundering and terrorist financing. It shed light on emerging methods and patterns observed within financial institutions, businesses, specific non-financial sectors, and non-profit organizations.
- Responsibilities and Measures: Attendees were educated on the responsibilities of officials and employees in combating money laundering and terrorism financing. The training emphasized the risk-based approach, levels of due diligence, targeted financial sanctions, client verification against national and international lists, identification of ultimate beneficial owners, and protocols for detecting suspicious transactions and facilitating internal and external reporting.
The initiative by Qatar Chamber underscores the nation’s commitment to enhancing its capabilities in combating money laundering and terrorism financing. By equipping key stakeholders with essential knowledge and skills, Qatar aims to bolster its efforts in safeguarding its financial system from illicit activities.
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