Financial Crime World

Oman Committed to Combating Money Laundering and Financing of Terrorism

The Sultanate of Oman has been actively involved in international efforts to combat money laundering and financing of terrorism, demonstrating its commitment to maintaining financial stability.

A Long-Standing Commitment to International Cooperation

In addition to being an early signatory to several key UN conventions, including:

  • Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
  • Convention against Transnational Organized Crime (2000)

Oman has continuously updated its legal, institutional, and procedural requirements to ensure compliance with global standards.

Implementation of Measures to Prevent Money Laundering

As a founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF), Oman has implemented numerous measures to prevent money laundering. These include:

  • Circulars issued by the Central Bank:
    • 1991: Enhancing role in combating money laundering, including customer identification and record-keeping
    • 1999: Special attention to large, unusual, and suspect transactions
  • Recommendations for Combating the Financing of Terrorism (BM 923, 2001)
  • Regular reporting of suspicious transactions, follow-up, review, and information-sharing

Bilateral and Multilateral Treaties for Cooperation

Oman has entered into bilateral and multilateral treaties for cooperation and interactions on anti-money laundering and combating the financing of terrorism (AML/CFT). In 2003, Oman underwent a FATF assessment, which confirmed its acceptable standards while identifying areas for improvement. These recommendations are being diligently implemented.

National Committee for Combating Money Laundering

Oman’s National Committee for Combating Money Laundering, comprising high-level representatives from concerned ministries, regulators, and law enforcement authorities, plays a key role in spearheading the AML/CFT regime. The committee is responsible for:

  • Monitoring and supervising licensed institutions through periodical reports and on-site examinations
  • Implementing anti-money laundering laws (Royal Decree 34 of 2002) and executive regulations (Royal Decree 72 of 2004)

Conclusion

Overall, Oman’s efforts demonstrate its commitment to maintaining financial stability and preventing the misuse of its financial system.