Qatar's strategy effective in combating economic crimes, says QCPA chairman

Chairman of Qatar Association of Certified Public Accountants (QCPA) Dr Hashim al-Sayed said that economic crimes have today become one of the most serious challenges facing countries owing to the devastating effects they have economically, socially and politically.This came in his opening speech at the Effective Compliance in Combating Economic Crimes Conference, organized by the QCPA under the patronage of HE Chairperson of the Board of Trustees of Qatar Museums Sheikha Al Mayassa bint Hamad bin Khalifa al-Thani, and hosted by University of Doha for Science and Technology (UDST).Al-Sayed stated that the State of Qatar has adopted a national strategy to combat economic crime, in which law enforcement agencies are cooperating in order to protect the economy and society from its consequences, and it is based on awareness and application of due diligence in combating it as well as the adoption of financial technology innovations, in addition to the legislative procedures and measures taken by the state which contribute to establishing best practices, issuing instructions and supervisory controls, and establishing entities and institutions and joining them as members.He added that Qatar is keen to continue the journey to become a pioneer in the field of combating these crimes to protect its security, economy and society and to participate along with the international community in combating efforts, which makes it an effective model in this field. This enhances its advanced ranking in the Corruption Perceptions Index, he said.Al-Sayed pointed out that economic crimes are more dangerous to development programs in light of economic openness, the technological revolution and the accompanying globalization of the economy, and thus the globalization of criminal activity due to the disappearance of barriers and the spread of transnational economic activity, which made crime in general and economic crime in particular benefit from technical developments.At the end of his speech, the chairman of the QCPA thanked HE Sheikha Al Mayassa bint Hamad bin Khalifa Al-Thani for sponsoring the conference, and UDST for hosting it, as well as the Ministry of Commerce and Industry for its cooperation, praising everyone's participation in its sessions.For his part, President of UDST Dr Salem bin Nasser al-Nuaimi stressed his university's commitment to supporting knowledge exchange and cooperation between students and specialists in various fields, adding that their hosting of the conference constitutes a platform for knowledge exchange on combating economic crime and provides experts with the opportunity to participate, especially since these crimes have a negative impact on the world today.Vice President of UDST Dr Rachid Benlamri explained that the conference comes to shed light on the risks that societies and financial systems face as a result of economic crimes, and to enhance ways to combat them in light of technological development and modern technologies, which bring with them many challenges.Benlamri added that there was no doubt that technical development and the accompanying innovations in digital services and financial liberalization have had the greatest impact on increasing the number of these crimes and the diversity of their methods, putting burden on the financial sector and pushing it to find quick solutions to reduce them. Therefore, the conference seeks to discuss developing systems to prevent them and unify efforts to confront them, he said.Participants' discussions focused on the important role of auditing in compliance with the money laundering and anti-terrorism law, especially since combating money laundering and terrorism financing requires countries to shoulder their responsibilities and work seriously to confront their challenges.On the sidelines, UDST signed a cooperation agreement with the QCPA aiming at consolidating professional relations between the two bodies, enhancing their cooperation, exchanging resources, and developing academic and professional initiatives.The agreement will help students obtain valuable opportunities in their various fields of study and will contribute to strengthening and developing the accounting and auditing profession through cooperation with well-known academic bodies.