Oman Takes Tough Stance Against Terrorism Financing with New Law
March 10, 2023
Muscat, Oman - The Sultanate of Oman has taken a significant step in its fight against terrorism financing by introducing a new law aimed at preventing money laundering and combating the financing of terrorism (AML/CFT).
Key Provisions
The new law imposes strict obligations on financial institutions, non-financial businesses, and professions, including:
- Due diligence measures to determine and verify the identity of customers based on reliable and independent sources.
- Reporting suspicious transactions to the national center within 72 hours.
- Maintaining records of all transactions for a period of at least five years.
New National Center
The national center for combating money laundering and terrorism financing will be responsible for:
- Receiving and analyzing suspicious transaction reports.
- Providing feedback to financial institutions, non-financial businesses, and professions on the effectiveness of their AML/CFT procedures.
International Cooperation
The law allows for the exchange of information with foreign centers and entities on a reciprocal basis, in order to combat money laundering and terrorism financing globally.
Confidentiality Protections
Employees of the national center are prohibited from:
- Violating the confidentiality of any information they obtain in the course of their duties.
- Using such information for purposes other than those intended.
The law also imposes restrictions on former employees from engaging in activities that may conflict with their previous work at the center.
Annual Reports
The national center will prepare an annual report on its activities and submit it to the chairman, including a general analysis of suspicious transaction reports received and trends in money laundering and terrorism financing.
Conclusion
The introduction of this law demonstrates Oman’s commitment to combating money laundering and terrorism financing, and its determination to protect the country from these threats.