Chairman of the Administrative Control and Transparency Authority Hamad bin Nasser Al Misnad, Chairman of QCPA Dr. Sultan bin Hassan Al Dhabet Al Dosari with other dignitaries during the conference, yesterday. Pic: Rajan Vadakkemuriyil/The Peninsula
DOHA: The National Conference on Combating Money Laundering and Terrorist Financing held yesterday focused on the importance of compliance and governance in protecting the national economy. It addressed emerging trends in financial crimes and best practices organisations can adopt to mitigate related risks.
Qatar Association of Certified Public Accountants (QCPA) organised the conference under the auspices of the Ministry of Justice and the Public Prosecution which highlighted the vital role of accountants and local regulatory authorities in enhancing compliance, governance, and safeguarding Qatar’s economy.
The event was attended by Chairman of the Administrative Control and Transparency Authority (ACTA) H E Hamad bin Nasser Al Misnad; Assistant Undersecretary for Shared Services Affairs at the Ministry of Justice Khamis Mohammed Al Kuwari; Assistant Undersecretary for Commercial Affairs at the Ministry of Commerce and Industry (MoCI) Saleh Abdullah Al Mana and several other dignitaries.
The conference addressed the role of effective compliance in combating financial crimes, banking principles in combating money laundering and terrorist financing, banking secrecy, international legislation and efforts in combating these crimes, the role of digital tools in monitoring and detecting financial crimes.
QCPA Chairman Dr. Sultan bin Hassan Al Dhabet Al Dosari noted that the conference reflects growing institutional awareness of the importance of strengthening anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.
Addressing these risks requires continuous coordination among regulatory, professional, and relevant institutions.
The accounting and auditing profession is a fundamental pillar in supporting compliance and governance systems, enhancing transparency, and protecting the financial system, he added.
Delivering the opening remarks, QCPA Vice Chair Mariam Mohammed Almalek highlighted the use of data analytics and artificial intelligence to enhance compliance systems and enable early risk detection.
“The conference reflects growing national recognition of the need to address challenges related to money laundering and terrorist financing given the increasing complexity of the financial and technological tools used in this field, Almalek said.
Accountants and auditors represent the first line of defence in protecting the financial system by promoting transparency, governance, and compliance, implementing due diligence requirements, and reporting suspicious transactions in line with national legislation and international standards, she noted.
Almalek added, “QCPA is committed to supporting this system by organising specialised training and professional development programs, raising awareness of the latest legislation and regulations, and strengthening cooperation with regulatory bodies and financial institutions, and keeping pace with digital transformation.”
The event witnessed speakers from Ministry of Justice, the Financial Information Unit, Ministry of Commerce and Industry, Economic Crimes and Money Laundery Prosecution Office, Qatar Fund for Development, and Qatar Chamber who reviewed the most significant legislative and regulatory developments.
They explored the mechanisms for national and international cooperation in combating financial crimes, focusing on the importance of compliance and governance in protecting the national economy. The conference also saw participation of several experts in panel discussions which included money laundering and terrorist financing crimes, their patterns and associated offenses, legal foundations and impact on economic stability. The discussions covered risk assessment using a risk-based approach across various sectors.
