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Decree No. (2) of 2022 of the Ministry of Commerce and Industry on Achieving the requirements of anti-money laundering and combating the financing of terrorism related to commercial companies
Decree No (2) of 2022 (“The Decree”) dated 7th February 2022 was released by the Ministry of Commerce and Industry (MoCI) on meeting the requirements of anti-money laundering measures and combating the financing of terrorism related to commercial companies.
The Decree applies to commercial companies as defined in Article 4 of the Commercial Companies law at any point of their establishment, management, expiry or bankruptcy or if they are the subject of a protective composition or under judicial receivership. Joint venture companies shall be exempt from the application of the provisions of the decree.
MoCI recognized the need and importance to emphasize upon the risks of money laundering and terrorism financing and particular the detrimental impact on the business environment in the State of Qatar. The decree acts as an demonstration of MoCI’s commitment to reducing illicit financial crimes and strengthening anti money laundering measures and establishing a suitable framework.
The Decree first defines particular words and expressions of importance and for the purpose of clarity.
The Decree then sets out the basic information a trading company is required to retain:
The basic information shall then be made available to the public on the Ministry’s website.
The trading company is then required to keep the following mandatory records:
The company shall keep physical and electronic copies of the records and promptly provide them when requested. MoCI may at any time request to review the information contained in the records.
The company is required to designate at least one person residing in the State of Qatar who shall be authorized to provide any requested information. Commercial companies are obligated to keep all information up to date and as soon as either the manager or partner becomes aware that any information has changed, shall notify the company and MoCI within thirty days of the change occurring.
Due to the level of information commercial companies are required to provide, it is evident that MoCI is committed to providing the utmost transparency, particularly by making the information available to the public. This shall assist in making companies and their representatives accountable for any actions and decisions that they make take which shall be easily traceable.