Employment of compliance officers to combat money laundering

MUSCAT: In an effort to combat money laundering and terrorist financing in the Sultanate of Oman, the Ministry of Commerce, Industry and Investment Promotion has issued a warning to all licensed establishments in the precious metals and precious stones trade sector. They are required to immediately employ a compliance officer responsible for ensuring adherence to the Anti-Money Laundering and Counter-Terrorism Financing Law. This measure is mandatory and aims to enhance oversight of the sector in line with international standards.

The ministry aims to activate an oversight system to combat money laundering and terrorist financing, supervising institutions based on a risk-based approach. This ensures more effective oversight and allocation of resources to high-risk institutions.

Abdul Hamid bin Mubarak al Shaidi, an anti-money laundering specialist at the ministry, emphasised the need for establishments in the sector to appoint an employee responsible for compliance monitoring. This employee acts as a link between the ministry and the establishment, receiving training on suspicious transaction reporting indicators and utilising the reporting platform.

Establishments should provide employee details to aml@tejarah.gov.om or contact the Anti-Money Laundering Department for inquiries. Efforts continue to raise awareness of the risks of money laundering to the national economy, with cooperation from relevant authorities.

The National Committee for Combating Money Laundering and Terrorism Financing is responsible for developing and implementing a national strategy to combat these crimes, studying international treaties and making recommendations. Employing a legal compliance officer is crucial for integrity and transparency in the precious metals and gemstones sector, safeguarding against suspicious transactions and violations of laws. This measure also protects businesses, investors, and ensures smooth financial and commercial transactions.