Oman Strengthens Anti-Money Laundering Laws with Comprehensive Revision

The Sultanate of Oman has taken a significant step in combating money laundering and terrorism financing by revising its anti-money laundering law. The new legislation replaces an earlier version enacted in 2010 and outlines the offenses, sets expectations for various entities, and provides measures against money laundering and terrorist financing.

Key Provisions

Offenses and Expectations

• The revised law defines the powers of Oman’s National Committee for Combating Money Laundering and Financing of Terrorism.
• It outlines the responsibilities of regulatory authorities, including the Central Bank of Oman.
• The law sets expectations for financial institutions, businesses, professions, non-profit organizations, and entities to implement measures against money laundering and terrorist financing.

International Cooperation

• The revised law addresses the scope of international cooperation in combating money laundering and terrorist financing.

Penalties for Non-Compliance

• Possible penalties for non-compliance with the law are also outlined.

Technical Inputs and Guidelines

The new law is backed by technical inputs and guidelines from the Financial Action Task Force (FATF), a global organization that sets standards to prevent money laundering and terrorist financing.

Central Bank Supervisory Instruction

In addition, the Central Bank of Oman has issued a supervisory instruction for all licensed financial institutions under its supervision. The instruction outlines the steps they must take to implement the Combating Money Laundering and Terrorism Financing Law, ensuring compliance with the law’s requirements and preventing potential violations.

This comprehensive revision demonstrates Oman’s commitment to strengthening its anti-money laundering laws and combating money laundering and terrorist financing in line with international standards.