CMA hosts workshop on Anti-Money Laundering and Financing Terrorism

MUSCAT, APRIL 11 - The Capital Market Authority organised a workshop titled ‘Highlighting Anti-Money Laundering and Financing Terrorism Law’, in collaboration with the Public Prosecution via Zoom. Presented by Khalfan bin Said al Mawali, Chief Prosecutor, Public Funds Management, the workshop was attended by employees of licensed companies in the capital market and insurance sector in Oman. The workshop covered a number of topics including an introduction to the Anti-Money Laundering and Combating Terrorism Law promulgated by Royal Decree No 30/2016, the powers and responsibilities of regulators and the measures and penalties under the law. It also dealt with due diligence measures required by the licensed companies in the capital market and insurance sector. The workshop is part of a series of workshops related to combating money laundering and terrorism financing executed by the CMA represented by the Anti-Money Laundering and Combating Financing Terrorism Department (AML/CFT) which was created recently within the CMA to help create a safe investment environment through the issuance of legislation, strengthening surveillance and inspection, and consolidating the efforts of various units of the governments working against these phenomena. The workshop was attended by compliance officers and employees of regulated companies in the capital market and insurance sectors. Majid bin Mohammed al Kiyoumi, Director of AML/CFT, concluded the workshop emphasising the role of compliance officer in putting in place the due diligence measures and training the employees in combating money laundering and terrorism financing adding that reporting of suspicious cases shall be directly to the National Centre for Financial Information.