Financial Crime World

OMBATING FINANCING OF TERRORISM GUIDELINES IN OMAN GET BOOST WITH NEW LEGAL AMENDMENTS

Strengthening Laws to Combat Money Laundering and Terrorist Financing

Muscat, Oman - In a major move to combat financing of terrorism, Oman has announced new legal amendments aimed at strengthening its laws and regulations in the fight against money laundering and terrorist financing. The amendments, which came into effect today, will enable international cooperation in the extradition process of individuals involved in terrorism, funding of terror or money laundering.

Enhancing Legislation to Support National Efforts

According to officials, the changes are designed to enhance the country’s legislation and support ongoing national efforts to combat cross-border crimes. The revised law is aimed at bringing Oman’s anti-money laundering and combating financing of terrorism (AML/CFT) framework in line with international recommendations and standards set by the Financial Action Task Force (FATF).

Key Amendments

  • Upgrading the level of the Financial Intelligence Unit, which will now be known as a “National Center for Financial Information” with legal personality and financial and administrative independence.
  • Including an integrated chapter on international cooperation in the field of legal and judicial assistance and extradition of criminals related to money laundering and terrorist financing crimes.

A Significant Step Forward

The move is seen as a significant step forward in Oman’s efforts to combat money laundering and terrorist financing, which are major threats to national security and economic stability. The country has ratified several international agreements and treaties related to the fight against money laundering and financing of terrorism, and the new law aims to strengthen its commitment to these international standards.

Enhanced Due Diligence

The revised law will also:

  • Enhance due diligence on customer identification and Know Your Customer systems.
  • Introduce stricter rules for Politically Exposed Persons (PEPs) who represent risks.
  • Impact correspondent banking relationships, financial operations, sanctions on financial institutions and non-financial businesses, professions and financial institutions.

Importance of Effective Implementation

The government has stressed that the new law is essential to protect the country’s security and financial stability, and will require concerted efforts from all competent authorities and agencies to implement effectively. The revised law is expected to raise Oman’s profile in the region and internationally as a key player in the fight against money laundering and terrorist financing.

Conclusion

The new legal amendments in Oman are a significant step forward in combating financing of terrorism and promoting national security and economic stability. The changes will enhance international cooperation, strengthen due diligence, and protect the country’s financial system from threats.