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MoCI, QFIU join hands for combating money laundering, terrorism financing


Thursday، 16 May 2019 09:14 PM

The Ministry of Commerce and Industry on Thursday signed a memorandum of understanding with the Qatar Financial Information Unit (QFIU) to enhance co-operation in terms of operational issues relating to combating money laundering crimes and terrorism financing.

The ministry was represented by Salem bin Salim al-Mannai, director of corporate affairs; while the QFIU was represented by its head Sheikh Ahmed bin Eid al-Thani.

The signing of the agreement comes within the framework of co-ordinating and joining national efforts, and reflects all parties’ keenness to achieve the desired objectives and their continued commitment to enhancing joint co-operation in the field of information exchange and combating money laundering and terrorism financing crimes.

QFIU is the sovereign agency responsible for financial intelligence efforts to combat money laundering and financing of terrorism. Like other national financial intelligence units (FIUs) across the globe, it requires banks, investment companies, insurers and other financial institutions to report suspicious financial transactions.

The QFIU then analyses the information and disseminates the relevant data to law enforcement authorities for further investigation and action.

The Egmont Group, a united global body of 152 FIUs, had earlier praised Qatar’s prominent role in strengthening the international efforts to combat money laundering and terrorism financing.

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