Financial Crime World

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Oman Tightens Anti-Terrorism Financing Laws and Regulations

The Sultanate of Oman has taken a significant step in combating money laundering and terrorism financing with the introduction of a revised law, effective March 1. This comprehensive legislation aims to strengthen the country’s anti-terrorism financing framework by setting clear obligations and expectations for various sectors.

New Law and Responsibilities

The new Law (30/2016) supersedes its predecessor (RD 79/2010) and outlines specific provisions related to money laundering and terrorism financing offences. Key responsibilities are assigned to regulatory authorities such as the Central Bank of Oman, which is responsible for implementing the provisions and texts.

Defined Obligations

  • National Committee for Combating Money Laundering and the Financing of Terrorism: defines powers and roles
  • National Center for Financial Information: outlines specific responsibilities
  • Central Bank of Oman: implements provisions and texts, enabling international cooperation in combating money laundering and terrorism financing

International Cooperation

The legislation enables international cooperation in combating money laundering and terrorism financing. This is underpinned by technical inputs from the Financial Action Task Force (FATF), a global anti-money laundering and counter-terrorism financing body.

Enhanced Efforts

In related developments, the Central Bank of Oman has issued an instruction to all licensed financial institutions under its supervision to implement the Combating Money Laundering and Terrorism Financing Law. This move is expected to enhance Oman’s efforts in preventing and combating money laundering and terrorism financing activities.

  • Implementation deadline: March 1, effective date of the revised law
  • Supervisory instructions: issued by the Central Bank of Oman for all licensed financial institutions