Participants and officials during the workshop at the MoCI headquarters.
Doha, Qatar: The Ministry of Commerce and Industry (MoCI) organised a specialised training workshop titled “Beneficial Ownership Identification Procedures within the Implementation of Due Diligence Measures” with the participation of a number of trust and company service providers, auditors, and dealers in precious metals and gemstones.
Held at the Ministry’s headquarters, the event addressed several key topics related to the concept of due diligence, its procedures and varying levels, customer verification mechanisms, and the identification of the beneficial owner, contributing to enhanced compliance with anti-money laundering and counter-terrorism financing requirements.
The workshop also introduced the concept of the beneficial owner in accordance with the standards of the Financial Action Task Force (FATF), the provisions of Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing and its Executive Regulations, as well as Ministerial Decision No. (48) of 2020 issued by Minister of Commerce and Industry regarding the issuance of rules governing the obligations of statutory auditors, dealers in precious metals and gemstones, and trust and company service providers in relation to anti-money laundering and counter-terrorism financing requirements.
Within the workshop, the principles underlying the concept of beneficial ownership were discussed, along with the criteria for identifying the beneficial owner of customers within the implementation of due diligence measures, the core principles of compliance, and the penalties resulting from violations of obligations related to identifying and documenting the beneficial owner.
In addition, examples of suspicious indicators related to beneficial ownership were presented, with the aim of raising awareness and enhancing participants’ capabilities in this area.
