Financial Crime World

Oman Seeks EU Assistance in Strengthening Anti-Money Laundering and Counter-Terrorist Financing Framework

Oman has requested technical assistance from the European Union’s Global Facility on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) to enhance its AML/CFT framework. This move is part of the country’s efforts to improve its compliance with the Financial Action Task Force’s (FATF) 40+9 Recommendations.

Background Oman was deemed compliant for three and largely compliant for 24 of the FATF’s recommendations in the last Mutual Evaluation Report in 2011. However, it was partially or non-compliant for one out of six core recommendations. The upcoming technical assistance training and activities will aim to support Omani authorities and stakeholders in addressing potential deficiencies in their national AML/CFT framework.

EU Global Facility on AML/CFT’s Intervention The EU Global Facility on AML/CFT’s intervention is expected to provide valuable guidance and expertise to Oman in upholding its compliance with the FATF’s 40 Recommendations, as well as addressing any remaining gaps. This development comes as a significant step forward for Oman in its quest to strengthen its financial system and combat money laundering and terrorist financing.

Benefits The EU Global Facility on AML/CFT has been providing technical assistance to countries around the world since its inception, with a focus on promoting effective implementation of AML/CFT standards and best practices. The facility’s intervention is expected to bring several benefits to Oman, including:

  • Enhancing the country’s AML/CFT framework
  • Improving compliance with FATF’s recommendations
  • Strengthening the financial system
  • Combatting money laundering and terrorist financing

By seeking technical assistance from the EU Global Facility on AML/CFT, Oman is demonstrating its commitment to improving its AML/CFT regime and combating financial crimes. The country’s efforts are expected to have a positive impact on the region and contribute to global efforts in combating money laundering and terrorist financing.