CMA sets up dedicated anti-money laundering unit

BUSINESS REPORTER -

MUSCAT, Dec 28 -

The Capital Market Authority (CMA) has added to its administration structure a new department dedicated to combating money laundering and terror financing – a move designed to create a safer investment climate for institutions operating in the capital market and insurance sectors of the Sultanate. The new outfit will also complement other government departments and units focused on fighting money laundering and terror financing, the Authority said in a statement.

The establishment of this department is in line with the Authority’s continuous efforts to build national capabilities in dealing with the phenomenon of money laundering and terror financing. The CMA had previously issued regulations for combating money laundering and financing terrorism (30/2016) for companies operating in the securities, companies, brokers and insurance agency fields.

Mohammed bin Said al Abri, Vice-President of Capital Market Sector, said the new unit has been equipped to provide all necessary assistance to institutions and their clients operating in the capital market and insurance spaces.

“The establishment of this department is included in the preparation procedures to work on executing the national ‘Oman Vision 2040’ based on achieving the main national priorities to develop the national economic system by achieving the financial sustainability, create a conducive regulatory and legislative environment that attracts investment, enhance institutional performance, and align with the authority’s strategic objectives,” he said.

As part of its remit, the new department will review and develop legislation and measures to strengthen the fight against money laundering and terror financing. It will also enhance the effort to promote awareness of these phenomena, and build a culture of precaution and prevention in institutions operating in this arena.

With the establishment of a dedicated unit within the Authority, Oman will be further recognised internationally for its commitment to combating money laundering and terror financing, he said. The department will assist capital market institutions, companies, brokers and insurance agents and their clients in the Sultanate in keeping themselves safe from money laundering and terror financing risks.

“This will enhance the level of trust that international organisations, investors and clients have in Oman’s regulations and systems, which are based on international best practices,” he said.

Various tasks were assigned to this department like field and office examination and auditing.

The department also identifies which of the capital market institutions, companies, brokers and insurance agents are more exposed to money laundering and financing terrorism crime risks and working on raising its efficiency through putting adequate follow-up mechanisms and treatment programmes.

The department will study the capital market institutions, companies, brokers and insurance agents’ conditions that are having problems in complying with combating money laundering and financing terrorism requirements, following the execution of condition compromising plans, analysing the financial statements and reports and other reports received from these institutions to ensure the compliance level with the legislations and instructions related to money laundering and terror financing.