MUSCAT - The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued new regulations to strengthen the country's anti-money laundering (AML) and countering the financing of terrorism (CFT) regime.
The new guidelines, issued via Ministerial Decision 424/2023, defines the real beneficiary as the natural person who owns or exercises final effective control over a customer, directly or indirectly. It also obliges commercial companies to establish a special register called the real beneficiary register, in which the data of the real beneficiaries of partners or shareholders who own at least 25 per cent of the company's shares are recorded.
The new regulation is intended to enhance confidence in the national economy and enhance the business and investment environment in accordance with the principles of transparency and flexibility. It also contributes to keeping pace with international standards in the fight against money laundering and CFT.
Companies that violate the provisions of the new regulation may be subject to administrative sanctions, such as a written warning, an administrative fine of up to RO 1,000, or the suspension of the commercial register for a period of up to 3 months.
The issuance of the new regulation is another important step forward taken by the Sultanate of Oman in the fight against money laundering and CFT. It is a clear demonstration of the government's commitment to strengthening the country's AML/CFT regime and to creating a safe and transparent business environment.
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