Oman Takes Step Forward in Combating Financing of Terrorism Guidelines, Launches Awareness Session

In a significant move to combat money laundering and financing of terrorism, the National Committee for Combating Money Laundering and the Financing of Terrorism organized an awareness session at Sheraton Oman Hotel on Thursday. This event marks the beginning of a comprehensive campaign aimed at raising awareness among financial and non-financial sector institutions in Oman about the requirements of combating money laundering and the financing of terrorism.

Ongoing Efforts to Combat Illicit Activities

Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO) and Chairman of the National Committee for Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT), emphasized the ongoing efforts by the Omani government to combat these illicit activities. He highlighted that global financial and non-financial sectors are facing multiple risks related to money laundering and financing of terrorism.

Importance of Awareness and Mitigation Controls

Al Amri stressed the importance of raising awareness among institutions and companies about these risks and implementing suitable mitigation controls to ensure smooth business operations. The introductory session was specifically targeted at financial sector employees regulated by the Central Bank of Oman, with further sessions planned for non-financial institutions licensed by relevant regulatory authorities in Oman.

Campaign Objectives

The campaign aims to prepare institutions for the mutual assessment process of combating money laundering and financing of terrorism systems in Oman. This initiative is a crucial step towards strengthening the country’s AML/CFT framework and ensuring compliance with international standards.

Next Steps

The National Committee will conduct additional awareness sessions for non-financial institutions, focusing on their specific roles and responsibilities in combating money laundering and financing of terrorism. These efforts are expected to enhance Oman’s reputation as a responsible and transparent financial center, while also protecting the country’s economic stability and integrity.