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Money Laundering Methods in Oman Exposed: Report Reveals Gaps in Legal Framework and Enforcement

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A recent report by a joint team of experts from the Middle East and Northern Africa Financial Action Task Force (MENAFATF) and the Financial Action Task Force (FATF) has highlighted several shortcomings in Oman’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Legal Framework

According to the report, while Oman has set up an AML/CFT system that is essentially in line with international standards, there are gaps in its legal framework for preventive measures. The country’s new AML/CFT law, enacted in July 2010, was concluded by the assessment team to be robust, but the 2004 Executive Regulations are still in force pending the finalization of a new draft.

Criminal Liability

The report noted that Oman has criminalized money laundering, but the offense does not cover “the concealment or disguise of the disposition of property” and the criminal liability for ML does not extend to all legal persons. Moreover, there have been extremely low numbers of convictions for money laundering.

Terrorist Financing

Oman’s legislation also provides for most elements needed to criminalize terrorist financing, but the offense does not cover the financing of an individual terrorist, and the definition of terrorist act is not fully consistent with the Terrorist Financing Convention. There has been no investigations, prosecutions or convictions relating to terrorist financing.

Confiscation and Seizure

The report found that Oman has a robust legal framework in place for confiscation, seizure, and provisional measures, but the low number of confiscations indicates that the effectiveness of the framework is still insufficient. Additionally, the country lacks laws and procedures in place to implement UN Security Council Resolution 1373 and successor resolutions, including the freezing of terrorist assets.

Law Enforcement

The report also highlighted deficiencies in law enforcement, particularly with regard to the Financial Intelligence Unit (FIU), which has only recently made progress in functioning effectively. The FIU’s capacity and experience in analyzing suspicious transaction reports (STRs) should be improved to expedite the time between reporting and dissemination.

Financial Institutions

Financial institutions and designated non-financial businesses and professions (DNFBPs) were also found to have shortcomings, particularly with regard to customer due diligence measures. The report recommended that Oman expeditiously finalize the drafting of the Executive Regulation to address remaining shortcomings in preventive measures.

Conclusion

The report concluded that while Oman has made progress in implementing AML/CFT measures, there is still much work to be done to address gaps and deficiencies in its legal framework and enforcement.