Financial Crime World

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Combating Financing of Terrorism Guidelines in Oman: Regulators Take Tough Stance

The Financial Services Authority (FSA) has emerged as a key player in Oman’s efforts to combat financing of terrorism, following the promulgation of the Anti-Money Laundering and Combating Terrorism Financing Law by Royal Decree No. 30/2016.

Regulatory Role of the FSA

As one of the regulators defined under this law, the FSA has been vested with the powers to regulate and supervise the compliance of financial institutions regulated by it with the law. In line with its regulatory role, the Capital Market Authority (CMA) has put in place several procedures to ensure the effective implementation of the Anti-Money Laundering and Combating Terrorism Financing Law.

Anti-Money Laundering and Combating Financing Terrorism Department

The FSA has established an Anti-Money Laundering and Combating Financing Terrorism Department, which is responsible for regulating and supervising all regulated companies to ensure their compliance with instructions related to anti-money laundering and combating financing terrorism. The department also conducts regular audits and inspections to ensure that these companies are adhering to the relevant regulations.

Key Decisions by the FSA

The FSA has issued two key decisions aimed at implementing the provisions of the law on combating money laundering and terrorism financing:

  • Decision No. E/80/2021: Outlines instructions for capital market institutions on the implementation of anti-money laundering and combating terrorism financing measures.
  • Decision No. E/81/2021: Provides guidelines for insurance and takaful companies, brokers, and agents to ensure their compliance with the law.

Oman’s Commitment to Fighting Terrorism Financing

These initiatives underscore Oman’s commitment to fighting the menace of terrorism financing and money laundering, which can have far-reaching consequences for the financial sector and national security. The FSA’s efforts to regulate and supervise financial institutions will help to prevent the misuse of these sectors for illicit activities and maintain confidence in the country’s financial system.