Financial Crime World

Oman Boosts Anti-Money Laundering Efforts with Stringent Regulations and Enforcement

Introduction

The Sultanate of Oman has reaffirmed its commitment to combating money laundering and financing of terrorism by implementing a robust anti-money laundering (AML) regime that meets international standards.

AML Regime in Place

As a founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF), Oman has been at the forefront of efforts to prevent illicit financial flows. The country has updated its legal, institutional, and procedural requirements over the years to stay ahead of emerging threats.

Key Players in AML Efforts

  • The Central Bank’s Banking Development Department, through its AML/CTF Unit, plays a key role in monitoring and supervising licensed institutions.
  • Regular on-site examinations and reviews periodical reports are conducted to ensure compliance with AML regulations.
  • Customer due diligence requirements have been enhanced, including identification and record-keeping of customers, as well as special attention to large, unusual, and suspect transactions.

Measures in Place to Improve AML Regime

  • Regular reporting requirements for suspicious transactions have been established, along with follow-up and review mechanisms.
  • Information-sharing agreements with other countries are in place to facilitate international cooperation on AML/CFT matters.

Recognition by FATF and UN

  • The Financial Action Task Force (FATF) assessed Oman’s AML regime in 2003 and confirmed its compliance with international standards.
  • Relevant United Nations resolutions, including those related to blocking accounts and other measures to prevent terrorist financing, have been implemented.

National Committee for Combating Money Laundering

The National Committee for Combating Money Laundering, established by Royal Decree, brings together high-level representatives from concerned ministries, regulators, and law enforcement agencies to spearhead the country’s AML/CFT efforts. The committee plays a critical role in coordinating anti-money laundering activities across the Sultanate.

Conclusion

Oman’s commitment to AML/CFT has enhanced financial stability and strengthened its position as a responsible player in the global financial system.