(MENAFN- Gulf Times) The Middle East and North African (Mena) non-financial entities and cross-border trade and shipping companies have only a limited understanding of regulations on combating money laundering and terrorist financing, hence they face risks, according to Refinitiv.
This observation was made by Ahmed Hafez, Director of Refinitiv's office in Qatar, at a specialised workshop on combating money laundering and terrorist financing, organised by the Ministry of Commerce and Industry (MOCI).
The workshop was attended by representatives of a number of ministries and government bodies represented on the National Anti-Money Laundering and Terrorism Financing Committee.
Salem al-Mannai, director of Corporate Affairs at the MOCI, said the workshop was organised within the framework of the ministry's efforts in the field of combating money laundering and terrorist financing and its role in monitoring the commitment of economic entities subject to its licensing and control as well as its continuous efforts to ensure that companies comply and fulfil their obligations in this regard.
Moreover, it addressed several observations made by the Financial Action Task Force (FATF), an inter-governmental body responsible for preparing and developing policies related to combating money laundering and terrorist financing around the world.
Hafez noted that FATF has made key observations on numerous legislations in the Mena region when it comes to the non-compliance of companies and non-financial entities.
'The evaluation reports released in recent years showed that non-financial entities and professionals such as real estate agents, minerals and gemstones traders, and cross-border trade and shipping companies among other non-financial organisations have a limited understanding of regulations on combating money laundering and terrorist financing and the risks they face, which highlights the importance of the workshop that the Ministry was keen to organise in cooperation with Refinitiv, he said.
The workshop also examined FATF's methodology in terms of assessing the extent of compliance with its recommendations, trade practices, ethical actions and anti-bribery and anti-corruption efforts, as well as the promotion of the culture of compliance in addition to the ministry's efforts in the field of e-learning and other related topics.
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