Anti-Money Laundering and Terrorism Financing

An Anti-Money Laundering and Terrorism Financing (AML/CFT) Section was established under the Companies Affairs Department at MOCI pursuant to Decision No. (95) of 2019. The Section’s responsibilities are as follows:

  • Monitor the implementation of the provisions of AML/CFT legislations and propose relevant amendments thereto, pursuant to the Ministry’s competencies and in line with the international recommendations, findings of the mutual assessments and best practices.
  • Follow-up and coordinate with the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC); provide NAMLC with any relevant data and information, collaborate with NAMLC to complete the National Risk Assessment of risks of money laundering, terrorism financing and financing of proliferation of weapons of mass destruction and implement its outcomes.
  • Coordinate with the National Counter Terrorism Committee (NCTC) in matters related to targeted financial sanctions, screen names against UNSC lists on daily basis and adopt relevant procedures accordingly.
  • Coordinate with the competent departments at the Ministry on the implementation of obligations related to transparency.
  • Collect, rate and analyze data and statistics related to AML/CFT in view of developing a database that is systematically updated.
  • Conduct sectoral money laundering, terrorism financing and financing of proliferation of weapons of mass destruction risks assessment of legal entities and designated non-financial businesses and professions (DNFBPs) that are respectively registered with and supervised by the Ministry, monitor its completion, and analyze, document, disseminate and update its results.
  • Draft AML/CFT instructions, rules, guidance, recommendations and guidelines for DNFBPs supervised by the Ministry.
  • Establish appropriate training programs to develop the AML/CFT capacity of the staff of the Ministry and its supervised DNFBPs.
  • Supervise, monitor and inspect chartered accountants, dealers in precious metals and stones and trust and company service providers to ensure compliance with AML/CFT requirements and access documents and information deemed necessary to conduct supervisory activities.
  • Propose financial and administrative sanctions against chartered accountants, dealers in precious metals and stones and trust and company service providers who are in breach of the AML/CFT Law, its Implementing Regulations and any relevant decisions or instructions and notify the QFIU of the procedures adopted in this regard.
  • Collaborate with competent authorities, supervisory authorities and the QFIU and share information with them to implement the requirements of the AML/CFT Law, its Implementing Regulations and any relevant decisions or instructions and establish the appropriate procedures for the reporting of suspicious transactions.
  • Represent the Ministry of Commerce and Industry in national, regional and international meetings and activities in relation to AML/CFT.
  • Draft an annual report on the activities of the Ministry in relation to AML/CFT and financing of proliferation of weapons of mass destruction, including proposals and recommendations and submit the same to the Minister of Commerce and Industry and to NAMLC.

The organizational structure of the AML/CFT Section consists of task forces outlined as follows:

  • The task force specializing in coordination and support
  • The task force specializing in off-site supervision
  • The task force specializing in on-site supervision
  • The task force specializing in targeted financial sanctions
  • The task force specializing in information systems and statistics