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Oman Tightens Banking Regulations to Combat Money Laundering and Terrorism Financing

In a bid to strengthen its anti-money laundering and counter-terrorism financing efforts, Oman has introduced a revised law that sets out strict regulations for financial institutions, non-financial businesses, professions, nonprofit associations, and entities.

Overview of the Law

The comprehensive Law (30/2016) replaces the earlier legislation (RD 79/2010) and outlines the powers of the National Committee for Combating Money Laundering and the Financing of Terrorism, as well as the responsibilities of regulatory authorities such as the Central Bank of Oman.

Key Provisions

• The law defines the offenses related to money laundering and terrorism financing.
• Sets out obligations and expectations for targeted entities to implement its provisions.
• Establishes the scope of international cooperation.
• Imposes penalties for violations and non-compliance.

Implementation and Guidance

The Central Bank of Oman has issued a directive to all licensed financial institutions under its supervision to implement the Combating Money Laundering and Terrorism Financing Law (30/2016).

• This move is backed by technical inputs and guidelines from the Financial Action Task Force, an international organization that sets standards for anti-money laundering and counter-terrorism financing efforts.

Conclusion

Oman’s revised law demonstrates its commitment to combating money laundering and terrorism financing, ensuring a safer and more secure financial system for its citizens and businesses.