| National Committee for AML/CFT and the National Counter-terrorism Committee Review Findings of the National Risk Assessment Report | <img alt="" src="https://publishing.bnet.om/sites/assets/PublishingImages/English/News/29Jan19News.jpg" style="BORDER:0px solid;" /> | | 1/26/2019 8:00:00 PM | National Committee for AML/CFT and the National Counter-terrorism Committee Review Findings of the National Risk Assessment Report | The National Committee for Anti-Money Laundering and Combatting Financing of Terrorism (AML/CFT), in coordination with the National Counterterrorism Committee | <div style="text-align:justify;"> </div><p style="text-align:justify;"><span class="ms-rteFontSize-3">The National Committee for Anti-Money Laundering and Combatting Financing of Terrorism (AML/CFT), in coordination with the National Counterterrorism Committee, held a meeting to review and discuss the findings of the national risk assessment related to the crimes of money laundering and financing of terrorism. The assessment, which is part of the continuous coordination between all stakeholders and concerned parties, is in line with efforts to energize the national strategies and keep a tab on the new developments taking place on the local, regional and international levels. </span></p><p style="text-align:justify;"><span class="ms-rteFontSize-3">The meeting was organized in the backdrop of an International Monetary Fund (IMF) experts' panel visit to Sultanate from January 16<sup>th</sup> 2019 to 23<sup>rd</sup> January 2019. The IMF visit is part of the technical cooperation program that existed between the Sultanate of Oman and the International Monetary Fund (IMF). The scope of the technical cooperation includes, reviewing the findings of the aforementioned report, initiating preliminary steps for establishing a national strategy and creating a work plan for dealing with the findings of the initial national risk assessment report. The arrangement also provides scope for mutual and reciprocal evaluation of the AML / CFT system in the Sultanate. </span></p><p style="text-align:justify;"><span class="ms-rteFontSize-3">It is noteworthy that the National Risk Assessment Report was prepared following the decision of the Council of Ministers to commission the National Committee on AML/CFT in coordination with all the stakeholders and concerned parties. </span></p><p style="text-align:justify;"><span class="ms-rteFontSize-3">The report identifies and evaluates the risks associated with money laundering that might be confronted by the Sultanate. It therefore ensures rightful directing of the resources towards effective risk management and bolstering of the Sultanate's national capacities. Likewise, it also guarantees that its proactive procedures and practical measures will enhance the efficiency of its systems and strengthen the effectiveness of its legislative laws. Moreover, it shares the technical expertise of its concerned bodies and insights into their preparedness to keep pace with the new developments taking place at the local, regional and international levels. This endeavor also assists in effectively combatting the scourge of money laundering and financing of terrorism consistent with the requirements of the Financial Action Task Force (FATF). </span></p><p style="text-align:justify;"><span class="ms-rteFontSize-3">It may be noted that to carry out the National Risk Assessment, a national team was formed comprising members from all related organizations and stakeholders to combat money laundering and financing of terrorism. The national team supported by the private sector was tasked to collect and analyze data pertaining to potential threats and assumed consequences of the AML / CFT using the tools developed by the International Monetary Fund.</span></p> | 0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB701001A1EADFFD0CD66409B1A45E335F4666A | | |