Financial Crime World

Title: Oman’s Crackdown on Money Laundering and Terrorism Financing: A Compliance Overview

Oman’s unwavering commitment to combating money laundering and terrorism financing is evident in its stringent regulatory landscape. In this overview, we outline key legislations, regulations, and guidelines that shape the financial sector’s compliance experience in the Sultanate.

Anti-Money Laundering and Combating Financing Terrorism Law No. 30/2016

This enactment provides the legal framework for Oman’s approach against money laundering and terrorism financing:

  • Establishes the Oman Anti-Money Laundering & Combating the Financing of Terrorism (AML/CFT) Authority
  • Outlines reporting requirements and penalties

Regulatory Guidance for Specific Industries

Instructions for Insurance and Takaful Companies, Brokers, and Agents (Decision No. E/81/2021)

  • Sets out instructions for implementing AML/CFT measures
  • Applies to insurance and Takaful companies, brokers, and agents

Instructions for Capital Market Institutions (Decision No. E/80/2021)

  • Guidelines on implementing Oman’s legal framework against ML/TF
  • Applies to capital market institutions

International Standards and Recommendations

The FATF Recommendations

Oman’s adherence to the international organization’s standards and recommendations to combat money laundering and terrorism financing:

  • Regular evaluation of compliance with FATF Recommendations
  • Strengthening cooperation with international partners

The National Committee for Combating Terrorism Decision No. 1/2017

  • Outlines procedures for implementing Security Council resolutions
  • Prevention and suppression of terrorism and the financing thereof

United Nations Targeted Sanctions

UN Security Council Targeted Sanctions against the Financing of Terrorism and Weapons of Mass Destruction Proliferation

  • Various UN resolutions impose targeted sanctions
  • Aims to cut off sources of financing for terrorist organizations and WMD proliferators

Additional Guidelines and Procedures

Beneficial Ownership Guidance

  • Clarity on identification and reporting of beneficial ownership
  • Strengthening transparency and anti-money laundering efforts

The Local Terrorism List

  • Outlines organizations and individuals considered terrorists
  • Must be reported to relevant authorities for compliance

AML Typologies for the Capital Markets and Insurance Sectors

  • Insight into common money laundering methods
  • Arabic only, no English translation available

Instructions for Registering Virtual Asset Service Providers

  • Registration and AML/CFT compliance requirements

Guidelines to Financial Institutions

  • Anti-money laundering and terrorism financing prevention measures

Guidelines on Targeted Financial Sanctions Implementation

  • Procedures for implementing targeted financial sanctions

Guidelines on Indicators and Typologies of Terrorism Financing

  • Understanding various typologies and indicators of terrorism financing

Business Risk Assessment Guideline for Financial Institutions

  • Regular risk assessments to help manage ML/TF risks effectively