Financial Crime World

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Financial Crime Definition in Oman: Understanding the Kingdom’s Anti-Money Laundering Efforts

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Oman, a country classified as a Monitored Jurisdiction by the US Department of State in its 2016 International Narcotics Control Strategy Report, has taken significant steps to improve its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

FATF Assessment

The Financial Action Task Force (FATF), an international organization that sets standards for combating money laundering and terrorist financing, has not classified Oman as having significant risks related to money laundering and terrorism financing or as having strategic shortcomings in AML/CFT. In its last Mutual Evaluation Report in 2011, FATF found that Oman was in compliance with three of the FATF 40+9 recommendations and mostly compliant with the remaining 24.

Progress Made

While there were some areas where Oman was partially or completely compliant with just one out of every six Core Recommendations, the country has made significant progress in improving its AML/CFT regime. This is evident in the adoption of comprehensive anti-money laundering laws that include:

  • Adopting CFT recommendations
  • Imposing regular reporting of suspicious transactions
  • Follow-up reviews
  • Information-sharing
  • Other measures to improve coverage and intensity

Anti-Money Laundering Laws and Regulations

Oman’s anti-money laundering laws are designed to prevent the misuse of its financial system. The country does not have an informal funds transfer system, and it has treaties for collaboration and contacts with other countries on both a bilateral and multinational level.

AML/CTF Unit

The Central Bank’s Banking Development Department operates a distinct AML/CTF Unit that provides specialized attention and exchanges on the topic. Licensed institutions are kept under observation and oversight through:

  • On-site inspections
  • Quarterly reports
  • Yearly tests

National Committee for Combating Money Laundering

Oman has a National Committee for Combating Money Laundering, led by senior representatives from relevant Ministries, Regulators, and Law Enforcement Authorities. This committee oversees the AML/CFT regime in Oman.

International Sanctions

Despite being a member of the Arab League, which has imposed sanctions on Syria, Oman is not currently subject to any international sanctions. The country has frozen assets belonging to President Bashar al-Assad’s administration and has taken other measures to comply with UN resolutions.

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