Qatar’s tax authority unites with QFIU to tackle financial crimes

By Shilpa Annie Joseph, Trainee Reporter
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Qatar
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Qatar’s General Tax Authority (GTA) has signed a Memorandum of Understanding (MoU) with the region’s government regulatory agency, Qatar Financial Information Unit (QFIU) for sharing information in order to combat money laundering, tax evasion, and terrorism financing.

The MoU intends to improve cooperation between the two entities to fight against financial crimes and contribute towards supporting the national economy by mitigating illegal financial activities and enhance local and international interest in combating financial misdeeds.

According to the agreement, both parties will be digitally connected to aid in the investigation of alleged financial transactions. Further, the MoU includes knowledge-sharing programs and professional training courses for counter-money laundering entities, criminal proceeds, terror funding, and other mutual interest areas.

Ahmed bin Issa Al Mohannadi
Ahmed bin Issa Al Mohannadi
President – GTA

“This MoU reinforces the importance of sharing information between the two parties to facilitate investigations and collect evidence based on the specialization of each of their roles to raise awareness on any suspicious activities related to tax evasion, money laundering, or other financial crimes. Under the terms of the agreement, both organizations will exchange information on crime statistics in Qatar. The agreement covers tax non-compliance risk management system authorized by the GTA to monitor tax evasion gaps and identify categories of taxpayers, sectors, entities, activities, and high-risk countries in terms of tax non-compliance and emerging financial criminal phenomena. It also aims to identify the priorities that help achieve the desired efficiency in protecting the society and the national economy from negative effects associated with these crimes.”

Sheikh Ahmed bin Eid Al Thani, Head of QFIU said, “We are pleased to sign the agreement with the GTA as it plays an important role in supporting the national economy and protecting it from any fraudulent activities. We are looking at innovative ways to analyze financial crimes to combat them effectively. The QFIU is pleased to provide the GTA with the necessary information, data, and statistics to achieve the objective mentioned above, in line with the provisions of law and regulations.”

“This agreement will enhance the efforts of the QFIU and its continuous endeavor to enhance knowledge and awareness of ways to counter crimes related to money laundering and tax evasion, which is also referred to as terror funding crimes,” he further added.

The GTA is in charge of implementing the provisions of laws, regulations, and decisions related to taxes, counter-tax evasions, and take necessary measures following the provisions of the law. And, the QFIU is responsible for collecting reports on financial transactions that appear to be related to money laundering or terror financing. The report analysis of such a matter is referred to the Public Prosecution Office, which works in collaboration with law enforcement and supervisory authorities.

Also Read: UAE to strengthen law against financial crimes with new court

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