New Centre for Financial Information Established to Combat Money Laundering and Terrorism Financing
Muscat, Oman - In a bid to strengthen the country’s efforts against money laundering and terrorism financing, the Sultanate has established a new Centre for Financial Information.
Establishment of the Centre
According to the Official Gazette, Issue No. 1149, the National Centre for Financial Information will be a legal person with administrative and financial autonomy under the Inspector General of the Police and Customs. The centre’s operating procedures will be issued by a decision of the Inspector General upon approval from the Council of Ministries.
Mandate and Functions
The Centre will have an executive president appointed by a decision of the Inspector General upon approval from the Council of Ministries, in accordance with procedures and controls stipulated in its operating procedures. The Centre’s mandate is to:
- Receive, analyze, and request reports and information suspected of being related or linked to money laundering or terrorism financing activities.
- Receive other information related to cash transactions, wire transfers, cross-border declarations, and other threshold reports set by the supervisory authority.
Cooperation with Governmental and Non-Governmental Institutions
Governmental and non-governmental institutions in the Sultanate are required to cooperate with the Centre in carrying out its functions and provide it with information related to reports and information it receives from inside or outside, without invoking confidentiality provisions.
Reporting Entities and Suspicious Transactions
The Centre will:
- Provide reporting entities with necessary guidance and instructions on how to report suspicious transactions, including specifications of the report and reporting procedures.
- Notify the competent supervisory authority if reporting entities fail to meet their obligations under this law for appropriate action.
- Exchange information on its own initiative or upon request with competent entities, while taking into consideration necessary rules of confidentiality.
Confidentiality and Disclosure
Employees of the Centre are prohibited from:
- Violating the confidentiality of any information they obtain in the course of carrying out their duties or using such information for purposes other than those intended for it.
- Occupying any position, carrying out any duties at another entity, or engaging in any commercial or professional activity in relation to their work at the Centre for 3 years after the end of their employment.
Annual Report
The Centre will prepare an annual report on its activities in the area of combating money laundering and terrorism financing, specifically including:
- A general analysis of the suspicious transactions reports it receives.
- Activities and trends in money laundering and terrorism financing. A summary of such report will also be prepared for publication.
Conclusion
This new Centre is expected to play a crucial role in strengthening the Sultanate’s efforts against money laundering and terrorism financing, and ensuring that financial institutions and other entities comply with their obligations under this law.