Financial Crime World

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Money Laundering in Oman: What You Need to Know

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Oman’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures have been evaluated by a joint team from the Middle East and Northern Africa Financial Action Task Force (MENAFATF) and the Financial Action Task Force (FATF). The evaluation, conducted in July 2010, found that Oman has set up an AML/CFT system that is largely in line with international standards.

Evaluation Findings

The evaluation report noted several strengths in Oman’s AML/CFT framework, including:

  • A new AML/CFT law enacted in July 2010, deemed robust by the assessment team.
  • Criminalization of money laundering, although there have been very few convictions.
  • Legal framework provides for confiscation, seizure, and provisional measures.

However, the report also identified some gaps and deficiencies, including:

  • Lack of customer due diligence measures in the legal framework.
  • Inadequate implementation of preventive measures.
  • Insufficient effectiveness of confiscation, seizure, and provisional measures.
  • Failure to implement key UN Security Council resolutions on freezing terrorist assets.

Recommendations

The report made several recommendations to improve Oman’s AML/CFT framework, including:

  • Finalizing the draft Executive Regulations to address shortcomings in customer due diligence measures.
  • Improving the capacity and experience of the Financial Intelligence Unit (FIU) in analyzing suspicious transaction reports.
  • Enhancing the effectiveness of confiscation, seizure, and provisional measures.
  • Implementing key UN Security Council resolutions on freezing terrorist assets.

Conclusion

While Oman has made progress in implementing AML/CFT measures, there are still significant deficiencies that need to be addressed. The country must prioritize the implementation of its new law and regulations, improve the effectiveness of its legal framework, and enhance its capacity for analyzing suspicious transaction reports.