Financial Crime World

Title: Oman’s Unwavering Commitment to Combating Money Laundering and Terrorism Financing: AML Compliance Regulations

Oman’s International Commitments

  • The Sultanate of Oman is an early signatory to several UN Conventions, including:
    • UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
    • UN Convention against Transnational Organized Crime (2000)
  • Founding member of the Middle East and North Africa Financial Action Task Force (MENA FATF)

Early Priorities in Customer Due Diligence and AML/CFT

  • Banks prioritized customer due diligence
  • Circular BM 610 in 1991 and BM 880 in 1999 emphasized FATF’s Forty Recommendations
  • Development of policies, programs, training, and audit and compliance functions

Evolution of Oman’s AML/CFT Efforts

  • Adoption of Circular BM 923 in 2001 for combating terrorism financing
  • Regular reporting of suspicious transactions, follow-ups, and information sharing

Cooperation and Interaction Network

  • No informal funds transfer system in Oman
  • Extensive network of bilateral and multilateral treaties for cooperation and interaction

Regulatory Oversight and Supervision

  • Periodic reports and on-site examinations for licensed institutions
  • Annual examinations and special appraisal/investigation visits
  • Extensive requirements and permissible actions in the AML/CFT domain
  • Anti-Money Laundering Law (Royal Decree 34 of 2002) and its Executive Regulation (Royal Decree 72 of 2004)
  • Penal Code and other relevant laws

National Efforts to Combat Money Laundering

  • High-level National Committee for Combating Money Laundering (NCCML)
  • Representatives from concerned Ministries, Regulators, and Law Enforcement Authorities
  • Spearheading AML/CFT efforts in Oman