The General Tax Authority (GTA) and the Qatar Financial Information Unit (QFIU) signed a Memorandum of Understanding (MoU) on information sharing to combat money laundering, tax evasion, and terrorism financing.
The MoU 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 and increase local and international interest in tackling financial crimes.
The MoU took place at the GTA’s headquarters and was signed by HE President of the GTA Ahmed bin Issa Al Mohannadi, and HE Head of QFIU Sheikh Ahmed bin Eid Al-Thani.
The signing of the MoU comes within the framework of both parties’ competencies. The 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 the President at the GTA Ahmed bin Issa Al Mohannadi, said, “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.”
HE 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 affectively. 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”.
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 programs and professional training courses for counter-money laundering entities, criminal proceeds, terror funding, and other mutual interest areas.