Financial Crime World

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Oman’s Financial Services Authority Takes Center Stage in AML Regulations Worldwide

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In a significant move to combat money laundering and terrorism financing, Oman’s Financial Services Authority (FSA) has emerged as one of the key regulators under the Anti-Money Laundering and Combating Terrorism Financing Law.

The Anti-Money Laundering and Combating Terrorism Financing Law

The law, which was promulgated by Royal Decree No. 30/2016, grants the FSA the authority to regulate and supervise financial institutions in ensuring compliance with the anti-money laundering and combating financing terrorism provisions.

Capital Market Authority’s Role

The Capital Market Authority (CMA), responsible for regulating the capital market and insurance sectors, has taken concrete steps to implement the Anti-Money Laundering and Combating Terrorism Law. The CMA has established a dedicated department within the FSA to oversee the regulation and supervision of all regulated companies, ensuring they adhere to anti-money laundering and combating financing terrorism instructions.

FSA’s Instructions

To further reinforce its efforts, the FSA has issued two key decisions:

  • Decision No. E/80/2021: “Instructions to Capital Market Institutions on the Implementation of Provisions of Law on Combating Money Laundering and Terrorism Financing”
    • Provides clear guidelines for financial institutions to comply with AML/CFT regulations
  • Decision No. E/81/2021: “Instructions to Insurance and Takaful Companies, Brokers, and Agents on the Implementation of Provisions of Law on Combating Money Laundering and Terrorism Financing”

Implications for Oman’s Financial Sector

The FSA’s efforts have significant implications for Oman’s financial sector, as it aims to ensure a robust and effective anti-money laundering framework that protects the country’s financial system from illegal activities. With its regulatory powers now firmly in place, the FSA is well-positioned to lead the fight against money laundering and terrorism financing in Oman.

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