Financial Crime World

Here is the article in markdown format:

Financial Crime Definition in Oman: New Law Spells Out Powers and Responsibilities

Oman has introduced a comprehensive revision of its anti-money laundering and counter-terrorism financing law, outlining the definition of financial crimes and setting out expectations for targeted institutions and entities. The new legislation aims to combat money laundering and terrorism financing by defining the powers of key authorities and laying down guidelines for implementation.

Definition of Financial Crimes

The revised law defines the offenses of money laundering and terrorism financing, as well as the obligations and responsibilities of:

  • Financial Institutions: banks, insurance companies, investment firms, etc.
  • Non-Financial Businesses: real estate agents, lawyers, accountants, etc.
  • Professions: doctors, engineers, architects, etc.
  • Nonprofit Associations: charities, foundations, etc.
  • Entities: government agencies, corporations, trusts, etc.

These entities are required to implement the provisions of the law and report suspicious transactions to relevant authorities.

Key Authorities and Responsibilities

The new legislation assigns specific powers to key authorities, including:

  • The National Committee for Combating Money Laundering and the Financing of Terrorism: responsible for coordinating efforts to combat money laundering and terrorism financing.
  • The National Center for Financial Information: responsible for collecting and analyzing financial data.

Regulatory bodies like the Central Bank of Oman will be responsible for implementing the provisions of the law and providing guidance to licensed financial institutions.

Technical Support from the Financial Action Task Force

The law is backed by technical inputs and guidelines from the Financial Action Task Force, an intergovernmental organization that sets standards for combating money laundering and terrorism financing.

Supervisory Instructions Issued by the Central Bank of Oman

In a related development, the Central Bank of Oman has issued supervisory instructions to all licensed financial institutions under its supervision on implementing the Combating Money Laundering and Terrorism Financing Law (30/2016). These instructions aim to ensure that financial institutions comply with the requirements of the law and prevent money laundering and terrorism financing.