The Ministry of Commerce, Industry and Investment Promotion, in cooperation with the Oman Chamber of Commerce and Industry (OCCI), organized a workshop on combating money laundering, with the participation of the National Center for Financial Information, the Tax Authority and the Public Prosecution Office. The workshop targeted the owners of institutions and commercial companies in the precious metals and stones trading sector, value-add sector, and accounting and auditing firms.
Eng Siham bint Ahmed al Harthiya, member of the OCCI Board of Directors, said: “Some people may look at money laundering operations in a positive light if it is taken in the form of purchasing in-kind assets or direct financial investments, and the consequent availability of greater job opportunities and easing burdens.” However, this view is superficial and not compatible with the actual reality of the effects of money laundering operations in terms of economic, social and security.
“It’s also affects economic stability, as money laundering operations contribute to the transfer of inflation to local communities and there is a possibility of exporting inflation from developed industrial countries to developing countries as a necessary consequence of the international system,” she added.
Money laundering affects monetary variables such as the interest rate and the exchange rate, and in terms of the social effects of money laundering, it may lead to destabilizing positive values, and the blood of loyalty and affiliation among some segments, and control of the media of all kinds, control and direct it according to their desires and tendencies.
Nasser bin Ashraf al Balushi, Head of the Anti-Money Laundering and Terrorist Financing Department at the Ministry of Commerce, Industry and Investment Promotion and a member of the Anti-Money Laundering and Terrorist Financing Team at the Ministry, gave a visual presentation in which he touched on the definition of money laundering, its stages and risks, special legislation in this field, the most important requirements to combat money laundering and terrorist financing, and suspicion indicators.
The Ministry of Commerce, Industry and Investment Promotion issued Ministerial Resolution 621/2022 setting out guidelines for monitoring accounting and auditing offices and companies, institutions and companies of precious metals and stones of value with regard to combating money laundering and financing terrorism, in order to limit the exploitation of sectors subject to supervision, Al-Balushi said.
Al Balushi added the Ministry has also issued Ministerial Resolution 630/2022 regarding the issuance of a regulation regulating the procedures for knowing the real beneficiary.
Major Sultan bin Ibrahim al Balushi, Director of the Analysis and Statistics Department at the National Center for Financial Information, indicated that the risk-based approach aims to enable institutions to develop policies and controls commensurate with the nature of their business and activities, the size and scope of those business and activities, as well as the degree of complexity, indicating that the risk elements lie in the product, or the service, the customer, the geographical location, and the channels of dealing.
Abdulaziz bin Harith al-Rawahi, Director of the Anti-Tax Evasion Department at the Tax Authority, explained that tax evasion is when the taxpayer after paying the taxes due to the state or reducing the amounts of these taxes through the use of illegal methods and methods, and laws have been enacted and deterrent penalties and sanctions have been imposed to combat this phenomenon.
Khalfan bin Saeed al-Ma’awali, Chief Public Prosecutor of the Department of Public Funds Cases and Money Laundering Cases at the Public Prosecution Office, provided an explanation about the procedures imposed on the relevant institutions, and the measures that will be taken towards the institutions that are negligent in taking the measures or procedures that the law imposes on them to combat money laundering and financing of terrorism.
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