Financial Crime World

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Oman’s Regulatory Bodies Take Center Stage in Combating Financial Crime

The Sultanate of Oman has been at the forefront of combating financial crime, with a raft of regulations and guidelines aimed at preventing money laundering and terrorism financing. The country’s regulatory bodies have been instrumental in implementing these measures, which are designed to ensure that the financial sector remains robust and secure.

Framework for Combating Financial Crime

At the heart of Oman’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regime is Law No. 30/2016, which sets out the framework for preventing and detecting financial crimes. The law has been supplemented by a series of decisions and guidelines issued by various regulatory bodies, including the Central Bank of Oman and the Capital Market Authority.

Regulatory Decisions and Guidelines

  • Decision No. E/81/2021 provides instructions to insurance and takaful companies, brokers, and agents on the implementation of AML/CFT provisions.
  • Decision No. E/80/2021 offers guidance to capital market institutions on their obligations under the AML/CFT law.

International Cooperation

Oman’s regulatory bodies are also working closely with international organizations to combat financial crime. The country has implemented the Financial Action Task Force (FATF) Recommendations, a set of international standards designed to prevent and detect money laundering and terrorist financing.

National Committee for Combating Terrorism

Oman has established a National Committee for Combating Terrorism, which is responsible for implementing UN Security Council resolutions on terrorism and its financing. The committee’s procedures for implementing these resolutions are outlined in Decision No. 1/2017.

Other Key Guidelines and Regulations

  • Beneficial Ownership Guidance
  • Local Terrorism List
  • AML/CFT typologies for the capital markets and insurance sectors
  • Instructions for registering virtual asset service providers

National Centre for Financial Information (NCFI)

The NCFI has played a crucial role in developing these guidelines and regulations, including issuing indicators and typologies of terrorism financing. The centre’s Business Risk Assessment Guideline for Financial Institutions is also an important tool in the fight against financial crime.

Conclusion

Overall, Oman’s regulatory bodies have demonstrated their commitment to combating financial crime and preventing the misuse of the financial system. By implementing these measures, the country aims to maintain its reputation as a secure and stable financial hub in the region.