The Sultanate of Oman is currently participating in the General Meeting of the Financial Action Task Force (FATF) in Paris, represented by the National Committee for Combating Money Laundering and Terrorist Financing and the National Committee for Combating Terrorism. The event, which will run until October 25, 2024, is being attended by a delegation headed by Tahir Salem Al Amri, Executive President of the Central Bank of Oman and Chairman of the National Committee for Combating Money Laundering and Terrorist Financing. The meeting will discuss and approve the report of the Sultanate of Oman on its systems for combating money laundering and terrorist financing. Oman’s membership in the Middle East and North Africa Financial Action Task Force (MENAFATF) and the Financial Action Task Force through the Gulf Cooperation Council requires it to undergo a mutual evaluation process based on international recommendations and methodology.
Oman has completed the technical compliance and compliance effectiveness stages of the mutual evaluation process as per the timetable approved by the Financial Action Task Force. The country has submitted the technical compliance file related to all legislation, including laws, instructions, procedures, guidelines, and circulars in accordance with the FATF’s forty recommendations. The compliance effectiveness file, focusing on the effectiveness of anti-money laundering systems based on eleven direct results specified in the evaluation methodology, has also been completed. The field visit program by the Financial Action Task Force’s team of assessment experts took place from January 29 to February 14, 2024, involving sessions and meetings with government agencies, financial and non-financial institutions, and other obligated entities under the Anti-Money Laundering and Terrorist Financing Law.
Since its last assessment in 2011, the Sultanate of Oman has worked diligently to enhance its anti-money laundering and counter-terrorism financing systems to meet international standards. Law No. 30/2016 on Combating Money Laundering and Counter-Terrorism Financing was enacted, along with regulations enforcing supervisory powers of regulatory bodies. The National Committee for Combating Money Laundering and Counter-Terrorism Financing has been focused on assessing money laundering and terrorist financing risks, developing strategies for combating these illicit activities, creating action plans, and conducting awareness events for the public and private sectors for the periods 2020-2022 and 2023-2025.
This proactive approach and commitment to combating money laundering and terrorist financing demonstrates Oman’s dedication to aligning with global standards and ensuring the integrity of its financial system. By participating in the FATF General Meeting, Oman reaffirms its pledge to collaborate with international partners in the fight against financial crimes. The mutual evaluation process, based on the MENAFATF and FATF memberships, underscores Oman’s willingness to assess and improve its anti-money laundering and counter-terrorism financing measures continually, in line with evolving international best practices.
The completion of the technical compliance and compliance effectiveness stages, alongside the successful field visit program, reflects Oman’s readiness to engage in transparent and thorough evaluations of its anti-money laundering systems. Through ongoing efforts to enhance regulations, develop risk assessment strategies, and educate stakeholders, Oman aims to strengthen its defenses against money laundering, terrorist financing, and proliferation of weapons of mass destruction. The country’s commitment to implementing effective measures and engaging with international bodies like the FATF positions it as a responsible player in the global financial community, dedicated to safeguarding its financial integrity and contributing to international efforts to combat financial crimes.
