Financial Crime World

Combating Financing of Terrorism Guidelines in Oman: National Committee Approves Measures to Fight Money Laundering and Terror-Financing Activities

Introduction

The high-powered National Committee on Anti-Money Laundering & Combating Financing of Terrorism (AML-CFT) has formally approved measures to sustain its ongoing fight against money laundering and terror-financing activities. The measures are set out in a national strategy endorsed at a recent meeting of the National Committee chaired by Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO).

Key Decisions

  • The committee approved measures to build human and technical capacities on AML-CFT in line with international standards and requirements.
  • The meeting also reviewed the Sultanate’s readiness for mutual evaluation of AML-CFT control systems in the country.
  • Preparations for the mutual evaluation of anti-money laundering and terrorist financing systems in the Sultanate for the year 2021 were discussed.

Role of Concerned Authorities

  • The committee emphasized the complementary and significant role played by other concerned authorities in ensuring effective implementation of AML-CFT regulations.
  • These authorities are crucial in safeguarding various financial and non-financial businesses, as well as non-profit organizations against the risks of money laundering and terrorist financing activities.

International Evaluation Process

  • The Sultanate’s AML-CFT control systems will be evaluated by the international Financial Action Task Force (FATF) and the regional Middle-East and North Africa Financial Action Task Force (MENAFATF).
  • Evaluators will assess whether:
    • Necessary laws, regulations or other related AML/CFT measures are in force and effect.
    • The supporting AML/CFT institutional framework is in place.
    • The AML/CFT systems adopted by the Sultanate are working to achieve defined set of outcomes.

Objectives of National Strategy

  • The national AML-CFT strategy incorporates a number of objectives aimed at enhancing awareness and understanding about various risks associated with money laundering and terrorist financing activities at the national level.
  • The strategy also proposes several objectives related to the implementation of financial sanctions against AML- CFT norms violating entities listed by the UN Security Council.

Conclusion

The National Committee’s approval of these measures demonstrates its commitment to combating financing of terrorism in Oman. The Sultanate’s ongoing engagement with international organizations and regional bodies will ensure that its AML-CFT control systems are effective and compliant with global standards.