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Financial Crime Definition in Oman: A Comprehensive Overview

A new law has been introduced in Oman to combat money laundering and terrorism financing, defining the offenses and setting expectations for financial institutions, non-financial businesses, professions, non-profit associations, and entities. The revised Law RD 79/2010 provides a comprehensive framework for implementation of provisions and sets out the powers of the National Committee for Combating Money Laundering and the Financing of Terrorism.

Roles and Responsibilities

The law outlines the roles and responsibilities of regulatory authorities such as:

• Central Bank of Oman, which is responsible for implementing the provisions and texts.
• Other regulatory bodies, whose duties are outlined in the law.

International Cooperation

The law also covers international cooperation and sets out possible penalties for violations and non-compliance. This ensures that Oman works closely with other countries to prevent money laundering and terrorism financing.

Technical Inputs and Guidelines

The Law and supervisory instructions are supported by technical inputs and guidelines from the Financial Action Task Force (FATF). As a result, all Licensed Financial Institutions under the supervision of Central Bank of Oman have been issued an instruction on implementing the Combating Money Laundering and Terrorism Financing Law (30/2016).

Summary

In summary, the financial crime definition in Oman is a critical aspect of the country’s efforts to prevent money laundering and terrorism financing. The law provides a comprehensive framework for implementation and sets out the roles and responsibilities of regulatory authorities, while also supporting international cooperation and providing penalties for non-compliance.

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