Financial Crime World

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Oman Pioneers in Combatting Financial Crimes: CBO Executive President

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The Sultanate of Oman has continued to modernize its laws and strengthen its capabilities in the fight against money laundering and terror financing, according to Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO).

The Twin Evils of the Present Era

Speaking at a webinar on “Anti-Money Laundering and Combating the Financing of Terrorism” organized by Crowe Oman, Al Amri emphasized that money laundering and terror financing are the twin evils of the present era. These financial crimes pose significant threats to global stability and security.

Oman’s Commitment to Combating Financial Crimes

Oman has been dubbed a “pioneer” in the region for its development of suitable legislation and regulations necessary to combat these financial crimes. The country’s legal procedures and statutes comply with the highest applicable international standards, including:

  • The original Forty Recommendations drawn up by the Financial Action Task Force (FATF)
  • The decisions and recommendations of FATF in the Middle East and North Africa (MENA-FATF)
  • Various UN Security Council resolutions
  • Operational agreements
  • UN treaties ratified by Oman

A Long History of Combating Money Laundering and Terror Financing

The country’s efforts to tackle money laundering and terror financing date back to the 1990s when the first deterrent legislative actions were adopted. The Law on Combating Money Laundering was promulgated in response to the legislative needs of that period, while the full-pledged Law on Combating Money Laundering and Countering the Financing of Terrorism was introduced in 2010.

Directives Issued by Regulatory Bodies

The Central Bank of Oman has issued directives to all banks, exchange companies, and finance and leasing companies operating in the Sultanate about AML/CTF related risks. The Capital Market Authority (CMA) has also issued its own directives to securities and insurance companies.

Call to Action for Financial Institutions and Regulated Entities

Al Amri urged financial institutions and regulated entities, as well as non-financial organizations covered by the provisions of the AML/CTF law, to adopt steps to tackle potential risks of exposure to AML/CTF phenomena.

Conclusion

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Oman’s commitment to combating money laundering and terror financing is evident in its adoption of best international practices applied in effectively combating these transboundary crimes. The country aims to ward off these financial crimes away from its promising and solid financial and economic systems, preserving and safeguarding its current and future gains and achievements.