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Oman Committed to International Anti-Money Laundering Efforts

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The Sultanate of Oman has consistently demonstrated its commitment to combating money laundering and financing of terrorism by adhering to international initiatives.

A Strong Foundation for Combating Money Laundering

Oman is an early signatory to the UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988) and the UN Convention against Transnational Organized Crime (2000). Over the years, Oman has updated its legal, institutional, and procedural requirements to strengthen its anti-money laundering efforts.

Implementing International Initiatives

As a founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF), Oman has implemented measures to enhance its financial system’s role in combating money laundering. The country has also been a party to various bilateral and multilateral treaties for cooperation and information-sharing.

Strengthening Customer Due Diligence

In 1991, Circular BM 610 emphasized the importance of customer due diligence. Subsequent circulars, including BM 880 (1999), highlighted the need for enhanced customer identification and record-keeping, as well as special attention to large, unusual, and suspect transactions.

Enhancing Anti-Money Laundering Measures

The country has continued to improve its coverage and intensity by adopting recommendations for combating the financing of terrorism (BM 923 in 2001) and setting up additional requirements such as regular reporting of suspicious transactions.

Banking Sector Supervision

Oman’s banking sector is subject to rigorous supervision and monitoring through periodical reports and on-site examinations. The Central Bank’s Banking Development Department has a dedicated Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) Unit, which focuses on anti-money laundering efforts and interacts with concerned authorities.

Robust Legal Framework

Oman’s legal framework for combating money laundering is robust, with the Anti-Money Laundering Law (Royal Decree 34 of 2002) and Executive Regulation (Royal Decree 72 of 2004), as well as the Penal Code and other laws, mandating extensive requirements. The National Committee for Combating Money Laundering, comprising high-level representatives from concerned Ministries, Regulators, and Law Enforcement Authorities, spearheads Oman’s AML/CFT regime.

Conclusion

In conclusion, Oman has demonstrated its commitment to international anti-money laundering efforts by implementing robust legal and institutional frameworks, as well as rigorous supervision and monitoring of the banking sector.