on Combating Money Laundering and Terrorism Financing
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, nonfinancial businesses, professions, Nonprofit Associations, and Entities in relation to implementation of the provisions of the law.
The law defines the powers of the National Committee for Combating Money Laundering and the Financing of Terrorism, as well as the powers of the National Center for Financial Information, as well as the responsibilities of the regulatory authorities such as the Central Bank of Oman (the implementation of the provisions and texts), the scope of international cooperation and possible penalties for violations and non-compliance.
The Law and supervisory instructions there under are backed by required technical inputs and adoption of guidelines from Financial Action Task Force.
Following is an issued instruction for all Licensed Financial Institutions under the Supervision of Central Bank of Oman on implementing Combating Money Laundering and Terrorism Financing Law (30/2016).
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