Oman Joins International FATF Meeting to Combat Money Laundering and Terrorism Financing

The Sultanate of Oman actively participates in Paris’s General Meeting of the ‘Financial Action Task Force (FATF).’ The meeting focuses on improving and enforcing regulations to combat financial crimes.

“The National Committee for Combating Money Laundering and Terrorist Financing, as well as the National Committee for Combating Terrorism,” represents the Oman delegates.

This shows their commitment to complying with AML/CFT regulations to ensure financial security and transparency. The Paris-organized event aims to run till October 25, 2024, offering multiple opportunities to discuss the AML/CFT regime for financial transparency.

Oman’s Delegation Led by Central Bank Executive President

“Tahir Salem Al Amri” is leading the delegation of the Sultanate of Oman. He holds key designation as “Executive President of the Central Bank of Oman (CBO) and Chairman of the National Committee for Combating Money Laundering and Terrorist Financing.”

The agenda of this meeting would be the discussion and approval of the report on Oman’s AML/CFT regime.

Oman’s Membership in FATF and MENAFATF

It is important to highlight that the “mutual evaluation process” is conducted based on “Oman’s membership” in the “Middle East and North Africa Financial Action Task Force (MENAFATF)” and its association with the “Financial Action Task Force (FATF)” through the membership of the “Gulf Cooperation Council.”

Like other countries in the group, Oman must review its anti-money laundering and counter-terrorist financing (AML/CFT) systems through mutual evaluation procedures conducted by appointed experts.

These experts assess whether the AML/CFT framework complies with international recommendations based on the established mutual evaluation approach from 2012 and 2013.

Submission of Technical Compliance Report

The Financial Action Task Force (FATF) has established a specific timeframe for the submission of the mutual evaluation report for the Sultanate of Oman, within this timeframe.

Oman has completed the technical compliance submission stage. This submission includes “all relevant laws, guidelines, processes, instructions, and circulars” according to the requirements mentioned in the FATF’s 40 recommendations.

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Effectiveness Evaluation Based on Direct Results

The file submission related to “compliance effectiveness” has been completed. This file outlines the effectiveness of the AML regime based on “eleven recommended direct results” that are necessary for evaluating effectiveness within the group’s methodology.

Completion of Field Visit by FATF Assessment Experts

A group of “assessment experts” from the Financial Action Task Force conducted a file visit program in the Sultanate of Oman from “January 29th to February 14th, 2024”.

The assessment experts group conducted an on-site evaluation and held multiple discussion sessions with relevant key government agencies for compliance.

Financial and non-financial organizations, including charitable firms and associations, must detect and report any suspicious activity associated with money laundering and terrorist financing under the supervision of the “Anti-Money Laundering and Terrorist Financing Law.”

Progress Since Oman’s Last Evaluation

The Sultanate of Oman has improved its AML/CFT compliance after the last evaluation conducted in 2011 and ensures compliance with international requirements, state reports.

“Law No. 30/2016 on Combating Money Laundering and Counter-Terrorism Financing” has been announced.

Moreover, additional rules are established to enforce regulations and enable financial and non-financial regulatory bodies to detect, control, and monitor the imposed laws.

Development of National Strategies and Action Plans

The National Committee has been evaluating the risks of money laundering and terrorist financing.

Plans, procedures, and guidelines have been established to combat financial crimes such as “money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction” for the periods 2020-2022 and 2023-2025.

As per media sources, the committee has been planning and organizing awareness-raising events for the public and private industries too.