MoCIIP to activate its role in fighting money laundering, terrorist financing

The Competition Protection and Monopoly Prevention Centre (CPMPC) operating under the auspices of the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), is preparing to activate legal mechanisms as part of its remit to combat money laundering and terrorist financing in coordination with other regulatory agencies.

Khaled bin Hamad al Saadi, Head of the Anti-Money Laundering and Terrorist Financing Department at the centre, said the move is designed to ensure greater effective oversight and supervision of institutions most vulnerable to such risks.

The Department’s responsibility encompasses supervision, follow-up, monitoring of practices, staying up to date with developments related to anti-money laundering and terrorist financing and supporting to the growth of a private sector that is alignment with the developmental objectives of the nation.

Article 1 of Royal Decree 30/2016 tasks the Ministry of Commerce, Industry and Investment Promotion to be one of the regulators monitoring businesses and non-financial professions for any money-laundering and terrorist-financing activities.

These covers business and professions involved in the trade of precious metals and gemstones, auditors, accountants and the automotive trade.

Also as part of its remit, the Ministry is required to prepare laws and , ministerial decisions, follow up on the implementation of recommendations issued by all national committees to combat money laundering and terrorist financing, and prepare controls and regulations to ensure optimal compliance by businesses and companies and follow up on their implementation procedures,

In addition, the Department is obligated to coordinate and cooperate with the relevant authorities in the investigation of any suspicious financial transactions and contribute to their resolution, impose administrative sanctions against companies and institutions that violate the law, control and follow-up inspection of companies and institutions to ensure that they are free of any activities to launder money and finance terroristism, and adopt and prepare follow-up reports and minutes of seizure and violations.

(With inputs from ONA)