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Financial Sanctions Enforcement Agencies in Oman Take Steps to Enhance Compliance, but Some Areas Require Improvement

In its latest report, the Financial Action Task Force (FATF) has highlighted Oman’s efforts to implement financial sanctions against terrorism and proliferation. The country has made significant progress in several areas, including assessing risk, national cooperation, and targeted financial sanctions. However, there are still some areas that require improvement.

Compliance Rating

Oman received a rating of “largely compliant” for its implementation of the FATF Recommendations, with several areas showing partial compliance or non-compliance. The report noted that Oman has made progress in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, but there are still some gaps.

Technical Requirements

In terms of technical requirements, Oman received a rating of “compliant” for its implementation of AML/CFT measures related to financial institutions secrecy laws and customer due diligence. However, it received a rating of “partially compliant” for its implementation of measures related to:

  • Confiscation and provisional measures
  • Terrorist financing offences
  • Targeted financial sanctions

Areas Requiring Improvement

The report also highlighted Oman’s efforts to implement measures to prevent the misuse of new technologies, such as digital currencies, and to improve transparency and beneficial ownership of legal persons and arrangements. However, it noted that there are still some areas that require improvement, including:

  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
  • Reporting of suspicious transactions

Cooperation with Other Countries

The FATF report also praised Oman’s efforts to enhance cooperation with other countries, including through:

  • Mutual legal assistance
  • Extradition agreements

The country has also made progress in implementing measures to prevent the misuse of cash couriers and to improve statistics on money laundering and terrorist financing.

Conclusion

Overall, while Oman has made significant progress in implementing financial sanctions against terrorism and proliferation, there are still some areas that require improvement. The FATF report provides a roadmap for the country’s authorities to address these gaps and enhance its overall compliance with international standards.