The General Tax Authority (GTA) signed a Memorandum of Understanding (MOU) with Qatar Financial Information Unit (QFIU) on information sharing to combat money laundering, tax evasion and terrorism financing.
The agreement aims to increase cooperation between the two parties to fight against financial crimes and contribute towards supporting the national economy by combating illegal financial practices as well as increase local and international interest in tackling such crimes.
The MOU took place at the GTA headquarters and was signed by GTA President HE Ahmed bin Issa Al Mohannadi and QFIU Head HE Sheikh Ahmed bin Eid Al Thani. The MOU signing comes within the framework of both parties’ competencies.
Monitoring suspicious financial transactions
GTA is responsible for implementing the provisions of laws, regulations and decisions related to taxes, counter-tax evasions and take necessary measures following the provisions of the law. The QFIU is responsible for obtaining reports on financial transactions suspicious of money laundering and terror funding operations. The report analysis of such matter is referred to the Public Prosecution Office in coordination with law enforcement authorities and the competent supervisory authorities.
HE Ahmed bin Issa Al Mohannadi said that the MOU reinforces the importance of sharing information between the two parties to facilitate investigations and to raise awareness on any suspicious activities related to tax evasion, money laundering, or other financial crimes.
Under the terms of the agreement, both organisations will exchange information on crime statistics in Qatar. The agreement covers tax non-compliance risk management system authorised 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. They will also identify priorities that will help achieve the desired efficiency in protecting society and the national economy from negative effects associated with these crimes.
According to HE Sheikh Ahmed bin Eid Al Thani, they are pleased to sign the agreement with GTA as it plays an important role in supporting and protecting the national economy from any fraudulent activities.
We are looking at innovative ways to analyse financial crimes to combat them effectively.
As per the MoU, both parties would be digitally linked, for the benefit of the investigations of suspected financial transactions.
The agreement also includes knowledge-sharing programmes and professional training courses for counter-money laundering entities, criminal proceeds, terror funding, and other mutual interest areas.
Visit gta.gov.qa for updates and more information.
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