Oman Tightens Screws on Anti-Terrorism Financing Laws and Regulations
The Sultanate of Oman has taken a significant step in strengthening its stance against terrorism financing by introducing new laws and regulations aimed at combating money laundering and the financing of terrorist activities.
Key Legislation
Law No. 30/2016: Anti-Money Laundering and Combating Financing Terrorism
- Sets out the framework for identifying, preventing, and reporting suspicious transactions related to terrorism financing.
- Provides a comprehensive approach to combating money laundering and terrorist financing in Oman.
Decision No. E/81/2021: Instructions for Insurance Companies, Brokers, and Agents
- Outlines the provisions of the anti-money laundering law applicable to insurance companies, brokers, and agents.
- Ensures compliance with international standards on combating money laundering and terrorist financing.
Decision No. E/80/2021: Instructions for Capital Market Institutions
- Provides instructions for capital market institutions to implement the anti-money laundering law.
- Enhances transparency and accountability in financial transactions.
International Standards and Cooperation
Oman has adopted international standards on combating money laundering and financing terrorism as outlined by the Financial Action Task Force (FATF) Recommendations. Additionally, the National Committee for Combating Terrorism has issued procedures for implementing Security Council resolutions under Chapter VII of the United Nations Charter on preventing and suppressing terrorism and financing.
Targeted Sanctions
The Sultanate has implemented targeted sanctions against individuals and entities linked to terrorism and proliferation of weapons of mass destruction. The Local Terrorism List, which is regularly updated, identifies individuals and groups subject to these sanctions.
Transparency and Registration
To enhance transparency, Oman has issued guidelines for registering virtual asset service providers and applying anti-money laundering/combating financing of terrorism (AML/CFT) requirements. Financial institutions have also been provided with AML Guidelines to ensure compliance with international standards.
Indicators and Typologies of Terrorism Financing
The National Centre for Financial Information (NCFI) has issued guidelines on indicators and typologies of terrorism financing to facilitate reporting and detection of suspicious transactions.
Business Risk Assessments
A Business Risk Assessment Guideline for financial institutions has been developed to help them identify and mitigate potential risks related to terrorism financing.
Enhancing Oman’s Reputation
The implementation of these laws and regulations demonstrates Oman’s commitment to combating money laundering and the financing of terrorist activities, thereby enhancing the country’s reputation as a secure and stable destination for businesses and investments.