Doha, Qatar: The Ministry of Commerce and Industry (MoCI) announced the launch of the Sectoral Risk Assessment Survey Program which aims at enhancing measures to combat money laundering and terrorist financing.
The objectives of the programme include supporting the development of the National Risk Assessment to combat money laundering and terrorist financing; classifying companies based on their institutional risk levels; promoting transparency and improving the efficiency of the regulated entities.
The Ministry said in a post on its X platform yesterday, “The Ministry of Commerce and Industry is proud to announce the launch of the Sectoral Risk Assessment Survey Program, a strategic initiative designed to enhance efforts in combating money laundering and terrorist financing.”
It further stated that the programme has several benefits, such as elevating standards of corporate governance, strengthening compliance with both national and international regulations, and fostering a secure, transparent and sustainable business environment.
The Sectoral Risk Assessment aims at developing a good understanding of the risks at the MoCI supervised entities to establish a risk-based approach by identifying and understanding money laundering and terrorist financing risks faced by those supervised entities, with a view to enhancing the combating of related controls.
Qatar has carried out strategic, organisational and operational reforms to enhance the implementation and alignment of the anti-money laundering and counter-terrorist financing framework with the standards of Financial Action Task Force (FATF) and in accordance with international best practices.
The country has spared no effort in recent years to enhance the system for combating money laundering by updating the legislative framework, establishing and bolstering specialised institutions, and enforcing intensive regulatory reforms to secure technical compliance with international standards.
As part of the Ministry’s efforts to enhance the fight against money laundering and terrorist financing, a comprehensive guide and steps to use the Sectoral Risk Assessment Survey Program have been detailed.
The survey can be accessed by logging in through the National Authentication System (NAS) credentials, selecting the required company from the list, clicking on ‘Add Compliance Officer’ and entering the required details.
Then, completing the survey from the home page by selecting the required company, clicking on ‘Start Survey’ and answer the questions. The previous surveys can also be accessed through the ‘Reports’ tab. A search for a company’s survey by name or commercial registration number can also be made.
Recently, the ‘Ministry of Commerce and Industry Strategy 2024-2030’ was launched which represents an ambitious roadmap supporting Qatar’s sustainable development goals to achieve balanced and inclusive economic growth, aligned with the Qatar National Vision 2030 and in line with the Third National Development Strategy.
The Ministry’s strategy focuses on enhancing and developing the commercial, investment and industrial sectors to embolden Qatar’s global competitiveness, encourage innovation and sustainability, and improve the quality and delivery of services. This is underpinned by the on-going mandate to prioritise the protection of consumer rights according to the highest global standards.
MoCI directly contributes to the first outcome of the Third National Development Strategy - Achieving sustainable economic growth. The Ministry oversees the implementation of the Business Environment and Private Sector Development Strategy as well as the Manufacturing Industries Strategy. It also implements a range of initiatives within the sectoral strategies (economic diversification sectors) and other national strategies.
