Financial Crime World

Title: Oman’s National Centre for Financial Information: Strengthening AML/CFT Compliance with Wide-Ranging Powers

Role and Responsibilities of the National Centre for Financial Information (NCFI)

The Inspector General of Police and Customs in Oman oversees the National Centre for Financial Information (NCFI), a critical agency mandated to enhance the Sultanate’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.

  • The NCFI is under the administrative and financial control of the Inspector General of Police and Customs.
  • Its primary objective is to receive, analyze, and request reports and information associated with suspected money laundering and terrorism financing activities.

Scope of the NCFI’s Mandate

The NCFI’s mandate extends to various financial transactions and declarations, including:

  • Cash transactions
  • Wire transfers
  • Cross-border declarations
  • Supervisory authority threshold reports

Collaboration with Governmental and Non-Governmental Organizations

  • Governmental and non-governmental organizations across Oman are legally bound to cooperate with the NCFI in executing its responsibilities.
  • Information and data relevant to the Centre’s investigations that originate from both domestic and international sources are mandatory for submission, irrespective of confidentiality provisions.

Influence and Impact of the NCFI

The NCFI’s powerful role in AML and CTF compliance is evident from its significant influence:

  • Within the Sultanate’s jurisdiction: The Centre can request and analyze financial data to prevent and investigate potential money laundering and terrorist financing activities.
  • Beyond the Sultanate’s borders: The NCFI can collaborate with international financial intelligence units to exchange information and intelligence to strengthen the global fight against financial crimes.

Boosting Oman’s Commitment to Financial Crime Prevention

The robust framework of the NCFI bolsters Oman’s commitment to combat financial crimes and ensure a safer economic environment for its citizens and global trading partners.