Oman Tightens Screws on Financial Crime and Terrorism Financing
The Omani government has taken a significant step in combating financial crime and terrorism financing with the introduction of a revised law aimed at tackling money laundering and terrorist funding.
Strengthening Anti-Money Laundering and Counter-Terrorist Financing Framework
Law 30/2016 builds on earlier revisions to strengthen Oman’s anti-money laundering and counter-terrorist financing framework. The comprehensive law defines the crimes of money laundering and terrorism financing, outlining clear expectations for targeted financial institutions, non-financial businesses, professions, nonprofit associations, and entities in implementing its provisions.
Clarifying Powers and Roles
The law clarifies the powers of key agencies, including:
- National Committee for Combating Money Laundering and the Financing of Terrorism: responsible for overseeing the implementation of anti-money laundering and counter-terrorist financing measures.
- National Center for Financial Information: plays a crucial role in collecting and sharing financial information to combat money laundering and terrorist financing.
Regulatory Authorities’ Role
Regulatory authorities, such as the Central Bank of Oman, will play a crucial role in ensuring compliance with the law’s provisions. The scope of international cooperation has also been expanded to facilitate information sharing and collaboration with global partners.
Technical Inputs from Financial Action Task Force (FATF)
The revised law is backed by technical inputs from FATF, an international organization dedicated to combating money laundering and terrorist financing. A recent instruction issued to all licensed financial institutions under the Central Bank’s supervision outlines the requirements for implementing the Combating Money Laundering and Terrorism Financing Law, highlighting the importance of adhering to strict guidelines.
Positive Impact on Financial Landscape
The move is seen as a significant step in Oman’s efforts to strengthen its anti-money laundering and counter-terrorist financing regime, ensuring that the country remains compliant with international standards and best practices. As the authorities continue to crack down on financial crime and terrorism financing, experts predict a safer and more secure financial landscape for Omani citizens and businesses alike.
Conclusion
The revised law is a significant step forward in Oman’s efforts to combat financial crime and terrorism financing. The implementation of the law will help ensure that the country remains compliant with international standards and best practices, providing a safer and more secure financial landscape for all.