Financial Crime World

Money Laundering in Oman: A Growing Concern for Financial Institutions

Oman has taken significant steps to combat money laundering and terrorist financing, with its financial regulator, the Financial Services Authority (FSA), playing a key role in enforcing anti-money laundering laws. The FSA was established under Royal Decree No. 30/2016, which aimed to regulate and supervise the compliance of financial institutions with anti-money laundering regulations.

Efforts to Prevent Money Laundering and Terrorist Financing

The Capital Market Authority (CMA) has implemented several procedures to ensure the effective implementation of the Anti-Money Laundering and Combating Terrorism Financing Law. The CMA’s measures include:

  • Establishing an Anti-Money Laundering and Combating Financing Terrorism Department within the FSA
  • Regulating and supervising all regulated companies to ensure compliance with anti-money laundering instructions and regulations
  • Conducting regular audits and inspections to ensure that financial institutions are implementing effective anti-money laundering measures

Strengthening Efforts

To further strengthen its efforts, the FSA issued two decisions in 2021 aimed at guiding capital market institutions and insurance and takaful companies on the implementation of anti-money laundering provisions. These decisions:

  • Decision No. E/80/2021: Provides instructions for capital market institutions
  • Decision No. E/81/2021: Outlines guidelines for insurance and takaful companies, brokers, and agents

Commitment to Combating Money Laundering and Terrorist Financing

These measures demonstrate Oman’s commitment to combating money laundering and terrorist financing, and highlight the importance of anti-money laundering regulations in maintaining financial stability and preventing criminal activities.

Conclusion

Oman’s efforts to combat money laundering and terrorist financing demonstrate its dedication to ensuring the integrity of its financial system. The country’s regulatory bodies are working tirelessly to prevent these illegal activities, and their measures will help maintain trust in the financial sector.