The National Center for Financial Information (NCFI) of Oman: A Key Player in Fighting Money Laundering and Terrorist Financing
Introduction
The National Center for Financial Information (NCFI) of Oman is a vital partner in the fight against money laundering and terrorist financing. With its key initiatives and collaborations, the NCFI plays a crucial role in promoting financial inclusion, stability, and security in the region.
Key Partnerships and Collaborations
Memorandum of Understanding with Somali Financial Reporting Center (FRC)
The NCFI signed a Memorandum of Understanding (MOU) with the FRC to enhance cooperation between the two organizations in combating money laundering and terrorist financing. This partnership highlights the importance of international collaboration in ensuring compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.
Productive Meetings and Discussions
Meeting with Ziraat Bank
The FRC had a productive meeting with Ziraat Bank to discuss AML/CFT compliance. This meeting emphasizes the significance of collaboration between financial institutions and regulatory bodies in ensuring AML/CFT compliance.
Cooperation with Office of the Prime Minister (OPM)
The OPM and the FRC agreed to cooperate closely, updating each other on the preparation progress for the mutual evaluation.
Key Events and Initiatives
High-Level Consultation Meeting
The FRC held a high-level consultation meeting for financial institutions on the preparation of the Middle East and North Africa Financial Action Task Force (MENAFATF Mutual Evaluation 2024).
Strengthening Measures Against Terrorist Financing
The Ministry of Finance met with members of the National Anti-Money Laundering & Terrorist Financing Committee (NAMLC) to discuss strengthening measures against terrorist financing and the evaluation process in Somalia (MENAFATF Mutual Evaluation 2024).
Ongoing Activities
National Compliance Forum
The FRC held the third national compliance forum, where crucial aspects of the country’s mutual evaluation were discussed.
Monthly NAMLC Meeting
The Minister of Finance and Chairman of the NAMLC chaired a monthly meeting to discuss important issues related to AML/CFT.
MENAFATF Mutual Evaluation Exercise Preparation Training
The FRC participated in MENAFATF Mutual Evaluation Exercise Preparation Training, highlighting their commitment to ensuring compliance with international standards.
Job Vacancy
- New Vacancy at the FRC: There is a new vacancy for a position at the FRC.