Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Suspicious transactions awareness forum begins

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MUSCAT: The 5th suspicious transactions awareness forum was inaugurated by Taher bin Salim al Amri, Executive President of the Central Bank of Oman (CBO), Head of the National Committee for Combating Money Laundering and Terrorism Financing (NCCMLTF), on Sunday. The three-day event is being held at the auditorium of the National Bank of Oman (NBO).  The members of the national committee as well as officials from the competent authorities are attending the event.


The forum aims at achieving the objectives of the strategic plan of the National Centre for Financial Information (NCFI). It also intends to promote manpower experiences and skills, improve performance and deliver effective training and the necessary guidance for the staff of competent authorities, financial institutions, non-financial businesses and professions to reach the required effectiveness for combating money laundering and financing of terrorism.


The best practices and professional typologies in this field will be shared to achieve positive outcomes. The most important topics being discussed at the forum include: Challenges and difficulties in the field of investigation and evidence in these crimes; the value of financial intelligence in reactive investigations; local and international cooperation in the field of financial investigations and asset recovery; the role of financial institutions in combating financial crime; differences between TF and ML; and cooperation between competent authorities and public/private sectors partnership.


Such forums, with the participation of all authorities concerned from the public sector, financial institutions and non-financial institutions from the private sector, are expected to increase cooperation, coordination and the necessary awareness to raise the professional level, which in turn will contribute in developing the work mechanism and activating the national system in the field of combating money laundering and financing of terrorism.


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