Financial Crime World

Oman Steps Up Efforts to Combat Financing of Terrorism

Oman has reaffirmed its commitment to international initiatives aimed at combating money laundering and financing of terrorism. The country’s efforts have been recognized by the Financial Action Task Force (FATF) and the United Nations, with Oman being praised for its progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Strengthening Financial System

Oman is a founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF), and has been actively engaged in updating its legal, institutional, and procedural requirements to ensure compliance with international standards. The country’s financial system has been strengthened through:

  • Enhancement of customer due diligence requirements
  • Record keeping and reporting
  • Special attention to large, unusual, and suspect transactions

Central Bank of Oman’s AML/CFT Unit

The Central Bank of Oman has set up a dedicated AML/CFT Unit within the Banking Development Department, which is responsible for overseeing the implementation of anti-money laundering measures by licensed institutions. The unit:

  • Conducts regular monitoring and supervision through periodical reports and on-site examinations
  • Ensures that all financial institutions are in compliance with regulations

International Recognition and Cooperation

Oman’s efforts to combat financing of terrorism have been recognized by international organizations, including the FATF, which has praised the country’s progress in implementing AML/CFT measures. Oman has also signed bilateral and multilateral treaties for cooperation and information-sharing with other countries, further enhancing its ability to combat money laundering and terrorist financing.

Laws and Regulations

The Sultanate has implemented various laws and regulations aimed at preventing the misuse of financial systems for illicit activities, including:

  • Anti-Money Laundering Law (Royal Decree 34 of 2002)
  • Executive Regulation (Royal Decree 72 of 2004)
  • Penal Code, which mandates extensive requirements to prevent money laundering and terrorist financing

Conclusion

Overall, Oman’s commitment to combating financing of terrorism is a testament to its dedication to maintaining financial stability and preventing illicit activities. The country’s efforts have been recognized by international organizations, and its financial system has been strengthened through the implementation of AML/CFT measures.