The Sultanate of Oman is actively taking steps to combat money laundering and other financial crimes, as highlighted by Bushra bint Yousef Al Kindi, assistant director at the Ministry of Social Development. The efforts of Oman to clamp down on financial crimes were discussed at a workshop on ‘combating money laundering’ organized under the patronage of Sheikh Rashid bin Ahmed Al Shamsi, Undersecretary of the Ministry of Social Development. The workshop aimed to raise awareness about the risks of money laundering and terror financing and familiarize society with suspicious transactions.
Bushra bint Yousef Al Kindi emphasized the Ministry of Social Development’s role as a regulatory body in dealing with the provisions of the Law on Combating Money Laundering and Financing Terrorism. The Ministry supervises all charity associations and community social clubs for receiving funds and takes precautions to combat financial crimes while making society aware of the risks involved. Oman has been proactive in upgrading its systems and expanding the scope of its legislations to keep pace with international standards for combating money laundering and terror funding.
Oman has been among the first countries at the GCC level to issue legislations and regulations for combating money laundering and terror financing in accordance with international standards and recommendations. The country began its efforts to combat financial crimes in the 90s with the implementation of strict legal provisions as per Royal Decree No. 17/1999 on combating drugs and narcotics. Subsequent amendments have been made to align with the evolving requirements of the Sultanate of Oman.
Basil bin Rashid Al Kiyomi, representative of the Central Bank of Oman (CBO), reviewed issues related to the national system for combating money laundering and financing terrorism, as well as the phases of money laundering. The Ministry of Social Development, in collaboration with various national committees and the National Centre for Financial Information, organized a workshop on ‘combating money laundering and terror financing’. Five working papers were delivered, covering topics such as the risks and misuse of the not-for-profit sector in relation to money laundering, the misuse of civil associations for financing terrorism, and control regulations on non-profit associations in combating money laundering and financing terrorism.
Overall, Oman’s efforts to combat financial crimes demonstrate a commitment to maintaining the integrity of the financial system and protecting society from the risks associated with money laundering and terror financing. By implementing strict regulations, raising awareness, and collaborating with relevant authorities, Oman is taking significant steps towards combating these crimes effectively.
