Muscat, In coordination with the National Counter-Terrorism Committee (NCTC), the National Committee for Combatting Money Laundering and Terrorism Financing approved a number of substantive risk-assessment reports on the crimes of money laundering, financing of terrorism and proliferation of weapons of mass destruction.

The approved reports are a culmination of effective coordination between all relevant AML/ CFT entities and a clear realization of the national strategies, aimed at improving the prevention and control systems in the Sultanate of Oman and in consistent with the developments at the local and regional levels.

It is note-worthy that the approved reports are meant to identify, assess and understand the risks resulted from the crimes of money laundering, financing of terrorism and financing proliferation of weapons of mass destruction. This is in addition to understanding the risks that might be faced by the legal entities and arrangements, and service offices in Oman. It is further to be noted that the two national committees aim to utilize the assessments in order to update and develop the national strategies and action plans for combating such crimes.

The outcome of these assessments would effectively contribute to the allocation of the available risk management resources, reinforcement of the capabilities of national authorities, including the pre-emptive measures and operational procedures. Besides, the outcome would also enhance the capabilities of the relevant authorities, expand the scope of their legal framework, capability and preparedness to keep pace with latest local, regional, and international developments related to combatting these crimes in compliance with the international requirements issued by the Financial Action Task Force (FATF).

Source: Oman News Agency