UNIPATH STAFF
Oman has toughened its money-laundering and terror-financing laws, part of its ongoing efforts to battle financial crimes that support violent extremist groups.
The National Committee for Combating Money Laundering and Terrorism Financing issued a statement saying the changes toughen the sanctions for financial institutions that violate the laws, tighten the process for assessing risky transactions, and strengthen laws governing customs declarations and the extradition of international suspects. Additionally, the Financial Intelligence Unit was deemed a National Center for Financial Information, bringing it administrative independence.
Announced in May 2016, the changes “will contribute in combatting money laundering and terrorist financing by addressing legislative shortcomings, supporting the national preventive measures and fighting against economic, financial, social and political risks that may result from money laundering and terrorist financing at the local and international levels,” the statement said.
The changes reflect best practices recommended by the International Financial Action Task Force and its counterpart, the Middle East and North Africa Financial Action Task Force, to combat money laundering and terrorist financing.
A group of experts recommended the changes after conducting a comprehensive review of Oman’s laws. The group examined previous rulings and regulations and studied international treaties and agreements related to combating money laundering and terror financing.