Auditing and accounting firms told to report suspicious transactions

Muscat: With the aim to curb any means of suspicious transactions and money laundering, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has urged all audit, accounting and precious metals-related companies to fasten the appointment of an officer entitled to report suspicious transactions.

In an online statement, the ministry said,” Based on the Royal Decree 30/2016 regarding the Law of Combating Money Laundering and Terrorist Financing, and on the Ministerial Decision No. 198/2021 regarding the Regulations for Accountants, Auditors, Accounting and Auditing offices, Precious metals, and Gemstones Institutions and Companies, on Combating Money Laundering and Terrorist Financing, the Ministry urges all accounting, auditing offices, institutions, companies working in precious metals and Gemstones to expedite the appointment of an officer responsible for reporting suspicious transactions in their institutions”.

The ministry requested the aforementioned companies to provide necessary requirements needed to initiate the procedures of the appointment within a maximum period of one week from the date of publishing this announcement.

A copy of the officer's ID, the officer's phone number, e-mail, a copy of the academic qualifications and training certificates must be sent to the ministry’s email: aml@tejarah.gov.om.