Anti-Money Laundering Law
The Law, a revision of the earlier Law (RD 79/2010), is a comprehensive one and defines the Money Laundering and Terrorism Financing offences and sets obligations and expectations for targeted financial institutions, non financial businesses and professions and Nonprofit Associations and Entities in relation to implementation of the provisions.
The mandates of the National Coordination Committee viz., National Committee on Combating Money Laundering and Terrorism Financing as well as National Centre for Financial Information have been set.
There is coverage on responsibilities of supervisory authorities like Central Bank of Oman (in implementing the provisions), scope for international cooperation and penalties violations/non-compliance will attract.
The Law and supervisory instructions thereunder are backed by required technical inputs and adoption of guidelines from Financial Action Task Force.
Instructions for all Licensed Financial Institutions under the Supervision of Central Bank Of Oman on implementing Combating Money Laundering and Terrorism Financing Law (30/2016) Click Here
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