National Committee on Combating Money Laundering Holds First Meeting of 2023

Muscat, 5 Mar (ONA) — The National Committee for Combating Money Laundering and the Financing of Terrorism held its first meeting of 2023. The meeting was chaired by Tahir Salim Al Amri, Chairman of the National Committee.

The meeting discussed ways of developing the system of combating money laundering and financing of terrorism in the Sultanate of Oman, upgrading the system in line with the best international practices, reiterating the significance of all parties’ performing their roles in a regular manner with regard to the system of deterrence.

The meeting also sought ways of improving coordination at national and international levels to ensure that financial institutions, non-financial businesses and professions and non-profit organizations are safeguarded against exploitation through crimes of money laundering and terrorism financing.

The meeting also studied the progress made by the authorities concerned in preparing for the process of mutual evaluation of money laundering and terrorism financing through 2024.

During the meeting, the Chairman of the Tax Authority was re-elected as Deputy Chairman of the National Committee and a timetable for the mutual evaluation process was approved.

It was agreed that Oman would send the technical compliance file during the month of August 2023 to the team of assessment experts accredited by the Financial Action Task Force (FATF).

This will be followed by sending the “commitment to the event file” by October 2024, the field visit of the team of mutual evaluation experts between the late January 2024 and mid-February of the same year—in the run-up to the date of discussion of the “mutual assessment file” by October 2024.

The meeting also endorsed the National Strategy for Combating Money Laundering and Terrorism Financing for the years 2023-2025. This affirms Oman’s solid political commitment to take the lead in modernizing the system of combating money laundering, terrorism financing or funding or proliferation of weapons of mass destruction. In short, it reflects Oman’s resolve to apply international standards to effectively confront existing global risks.

Source: Oman News Agency