Oman’s Commitment to Anti-Money Laundering Compliance: A Closer Look

Background

Oman classified as a Monitored Jurisdiction in the 2016 International Narcotics Control Strategy Report
Lower risk for money laundering and terrorism financing
Not a significant offshore or regional financial hub

International Evaluations

FATF Evaluation

Acknowledged lower risk
Not classified as having significant risks or strategic shortcomings
2011 Mutual Evaluation Report: Compliant with 3 recommendations, mostly compliant with 24, and partially or completely compliant with 1 of 6 Core Recommendations
Strengthening compliance measures: Adhering to CFT recommendations and implementing additional obligations

Advantages in Combating Financial Crimes

No informal funds transfer system
Existing collaborative agreements and contacts for information sharing

Post-FATF Examination and Improvements

Dedicated AML/CFT Unit in the Central Bank
On-site inspections, quarterly, and special appraisal visits for financial institutions
Stringent requirements and broad-ranging actions mandated by Anti-Money Laundering Law
National Committee for Combating Money Laundering oversees the AML/CFT regime

International Sanctions and Restrictions

Currently not under any international sanctions
Arab League restrictions on Syria: halting communications with central bank, suspension of funding, prohibition of visits, asset freezing

Oman’s Continued Efforts

Prioritizing AML/CFT compliance for secure financial environment

Conclusion

Oman has demonstrated notable progress in implementing and strengthening its Anti-Money Laundering and Countering Terrorism Financing regulations. With various initiatives underway since the FATF examination in 2003, Oman remains committed to maintaining a safe financial environment and maintaining compliance with international standards.