Doha: The Ministry of Commerce and Industry (MOCI) and the Qatar Financial Information Unit (QFIU) have signed a mechanism to regulate the registration of entities under the ministry's supervision on the "Ekhtar" platform. This initiative aims to enhance cooperation and improve the efficiency of electronic reporting of suspicious transactions.
According to Qatar News Agency, the mechanism was signed by Saleh Abdullah Al Mannai, MOCI's Assistant Undersecretary for Commerce Affairs, and Sheikh Abdullah bin Hamad bin Mubarak Al-Thani, Head of the QFIU. The agreement seeks to organize the responsibilities of both parties regarding the registration of reporting entities supervised by the ministry on the "Ekhtar" platform, which is dedicated to receiving electronic suspicious transaction reports, while also enhancing coordination and data exchange.
Under the mechanism, MOCI will provide the QFIU with details of approved reporting officers and their deputies, along with any updates. In return, the QFIU will create user accounts on the platform and notify them electronically to complete registration procedures. Entities under supervision are required to complete their registration and activate their accounts within three working days of receiving the activation link. Reminder notifications will be sent if procedures are not completed within the specified time, and administrative and financial penalties will apply in cases of non-compliance.
The mechanism also regulates procedures for updating the information of reporting officers and their deputies. It requires entities to promptly update their data through the ministry's survey platform whenever changes occur. Enhanced coordination and follow-up are ensured through regular exchanges of registration and activation data, as well as semi-annual reviews to verify and continuously update information related to registered entities.
The ministry affirmed its continued cooperation and full support for the QFIU to improve the quality and level of reporting among entities under its supervision. This effort contributes to the development of electronic suspicious transaction reporting and supports Qatar's preparations for the upcoming mutual evaluation by the Financial Action Task Force (FATF).