Oman’s Financial Institutions Strengthen Anti-Corruption Measures Following International Convention Accession
A Major Step Forward in the Fight Against Corruption
In a significant milestone for the Sultanate, Oman has strengthened its anti-corruption policies within financial institutions following its accession to the United Nations Convention against Corruption. Royal Decree No. 64/2013 marked a major step forward in Oman’s fight against corruption, solidifying its commitment to cooperating with the international community to eradicate all forms of criminal corruption.
Implementation and Oversight
Under the Convention, Oman’s Anti-Corruption Authority has been tasked with overseeing the implementation of anti-corruption measures across various sectors, including financial institutions. In coordination with competent authorities, the Authority ensures that Oman meets its international obligations in combating corruption.
Key Responsibilities
- Overseeing the implementation of anti-corruption measures
- Coordinating with competent authorities to ensure compliance with international obligations
- Detecting and reporting financial and administrative irregularities
Enhancing Transparency and Accountability
To further enhance transparency and accountability within Oman’s financial institutions, the State Audit Institution has launched an initiative aimed at detecting and reporting financial and administrative irregularities. The initiative is designed to empower citizens and stakeholders to contribute to the detection of potential corruption cases and promote a culture of integrity within the country’s audited bodies.
Key Objectives
- Detecting and reporting financial and administrative irregularities
- Empowering citizens and stakeholders to report potential corruption cases
- Promoting a culture of integrity within audited bodies
Conclusion
Oman’s anti-corruption efforts are a significant step forward in its commitment to upholding good governance practices and ensuring transparency in its financial institutions. The country’s accession to the United Nations Convention against Corruption marks an important milestone in its fight against corruption, and its anti-corruption policies demonstrate a strong commitment to combating all forms of criminal corruption.