Financial Crime World

Here is the article rewritten in markdown format:

Money Laundering in Oman: Definition and Regulatory Framework

In a bid to combat money laundering and terrorism financing, Oman has taken significant strides to regulate the financial sector. The country’s Anti-Money Laundering and Combating Terrorism Financing Law, promulgated by Royal Decree No. 30/2016, confers powers on the Financial Services Authority (FSA) to oversee the compliance of regulated financial institutions with the law.

Role of Regulators

The Capital Market Authority (CMA), regulator of Oman’s capital market and insurance sectors, has also played a crucial role in ensuring the implementation of this law. To achieve this, the CMA has established procedures aimed at preventing money laundering and terrorism financing.

Anti-Money Laundering Measures

  • Creation of an Anti-Money Laundering and Combating Financing Terrorism Department within the FSA
  • Regulating and supervising financial institutions to ensure compliance with anti-money laundering and combating financing terrorism instructions
  • Conducting audits and inspections to verify compliance

FSA Decisions

The FSA has issued two important decisions aimed at implementing the provisions of the law on combating money laundering and terrorism financing:

  • Decision No. E/80/2021: Guidelines for capital market institutions
  • Decision No. E/81/2021: Instructions to insurance and takaful companies, brokers, and agents

Commitment to Combating Money Laundering

These efforts demonstrate Oman’s commitment to preventing and combating money laundering and terrorism financing, thereby maintaining the integrity of its financial system.