Study highlights key role in combatting money laundering

MUSCAT: Dr Abdul Salam Faraj Yahya, (pictured) an economic expert at Oman Chamber of Commerce and Industry (OCCI), conducted a scientific study on money laundering, emergence, causes and local, regional and international efforts to combat it. The study, which falls in three chapters, highlights the historic development of this phenomenon in terms of emergence, causes and socioeconomic effects. The second chapter highlights the role of the banking system and central banks in combatting money laundering. The third chapter highlights the major local, regional and international efforts made to combat this phenomenon with special focus on the leading role of the Sultanate of Oman in combatting it. On the other hand, the study analyses the relationship between money laundering and illicit trade. The study divided the activities of the illicit trade into two categories, namely monetary and non-monetary. While the first type includes the illegal economic activities, the second type includes the economic activities which may appear legal. — ONA