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OMBATING FINANCING OF TERRORISM GUIDELINES IN OMAN: A COMPREHENSIVE LOOK AT THE LAWS AND REGULATIONS

The Sultanate of Oman has implemented a robust framework to combat financing of terrorism, with various laws and regulations in place to prevent and suppress terrorist financing activities. At the heart of these efforts are several key guidelines that financial institutions, businesses, and individuals must adhere to.

Key Guidelines

Anti-Money Laundering and Combating Financing Terrorism Law No. 30/2016

This law provides a comprehensive framework for combating money laundering and terrorism financing. It is supported by various decisions issued by regulatory bodies, including:

  • Decision No. E/81/2021 on Instructions to Insurance and Takaful Companies, Brokers and Agents on the Implementation of the Provisions of the Law on Combating Money Laundering and Terrorism Financing

National Committee for Combating Terrorism Guidelines

The National Committee for Combating Terrorism has issued several key guidelines, including:

  • Decision No. 1/2017 on Procedures for Implementation of Resolutions of the Security Council under Chapter VII of the United Nations Charter on prevention and suppression of terrorism and financing

International Standards

Oman is committed to implementing international standards on combating money laundering and financing of terrorism (FATF Recommendations) and adhering to:

  • United Nations Targeted Sanctions against the Financing of Terrorism and the Proliferation of Weapons Mass Destruction

Financial Institutions’ Responsibilities

Financial institutions must adhere to specific procedures for implementing Security Council resolutions related to preventing and suppressing terrorism and impeding the proliferation of weapons of mass destruction and its financing. Additionally, they must:

  • Identify and verify the beneficial owners of their customers
  • Conduct regular assessments of their customers’ risk profiles and take appropriate measures to mitigate those risks

Industry-Specific Guidelines

Oman has developed several industry-specific guidelines for combating terrorist financing, including:

  • AML typologies for the insurance sector and capital markets
  • Guidelines on indicators and typologies of terrorism financing issued by the National Centre for Financial Information (NCFI)

Business Risk Assessment Guidelines

Financial institutions must also comply with targeted financial sanctions imposed by the United Nations and other international bodies to prevent and suppress terrorism and its financing.

Conclusion

Overall, Oman’s comprehensive framework for combating financing of terrorism provides a robust foundation for preventing and suppressing terrorist financing activities in the country. By implementing these guidelines, financial institutions and businesses can play a crucial role in supporting Oman’s efforts to combat terrorism and protect its national security.