MUSCAT, NOV 12 - The high-powered National Committee on Anti-Money Laundering & Combating Financing of Terrorism (AML-CFT) formally approved measures to sustain its ongoing against fight money laundering and terror-financing activities. The measures are set out in a national strategy that was endorsed at a recent meeting of the National Committee chaired by Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO). The meeting also discussed several other significant issues, especially those with regard to building human and technical capacities on AML-CFT in line with international standards and requirements. It also reviewed the Sultanate’s readiness for mutual evaluation of AML-CFT control systems in the country.
At the meeting, the Committee reviewed preparations for the mutual evaluation of anti-money laundering and terrorist financing systems in the Sultanate for the year 2021. The panel also emphasised the complementary and significant role played by other concerned authorities in ensuring effective implementation of AML-CFT regulations. It also underlined the role played by these authorities in safeguarding various financial and non-financial businesses, and non-profit organisations against the risks of money laundering and terrorist financing activities. As part of the Sultanate’s ongoing engagement, the AML-CFT control systems in the Sultanate will be evaluated by the international Financial Action Task Force (FATF) and the regional Middle-East and North Africa Financial Action Task Force (MENAFATF).
In the evaluation process, the authorities will study and review the implementation and effectiveness of various measures adopted by Sultanate to combat money laundering and terrorist financing activities in the country. The authorities shall also assess whether the necessary laws, regulations or other related AML/CFT measures are in force and effect, and whether the supporting AML/CFT institutional framework is in place or not. They shall also examine whether the AML/CFT systems adopted by the Sultanate are working to the extent of achieving the defined set of outcomes.
Accordingly, the national AML-CFT coordination initiatives, various confiscation measures undertaken, measures adopted to criminalise terrorist financing and arms proliferation financing, preventive measures adopted by various financial and non-financial institutions, businesses and professional organisations, and non-profit organisations, will be assessed by the authorities. The evaluators shall also scrutinise matters related with legalities and institutional oversight of various organisations and authorities in the country.
The Committee noted that National AML-CFT Strategy, as well as the associated Work Plan, were drafted in accordance with the results of the national risk assessment. It incorporates a number of objectives aimed at enhancing awareness and understanding, about various risks associated with money laundering and terrorist financing activities at the national level have been included, in addition to those that are concerned with devising investigation, prosecution and confiscation procedures and methodologies.
The National Strategy also envisages improving the supervisory and regulatory roles of regulators by adopting a risk-based approach. Similarly, the Strategy also proposes several objectives related to the implementation of financial sanctions against AML-CFT norms violating entities, enlisted by the UN Security Council.
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