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National Committee on AML-CFT Holds Annual Review Meeting; Approves National Strategy 11/11/2020 8:00:00 PMNational Committee on AML-CFT Holds Annual Review Meeting; Approves National Strategy The National Committee on Anti-Money Laundering & Combating Financing of Terrorism (AML-CFT), which held its annual review meeting recently under the chairmanship of His Excellency Tahir bin Salim bin Abdullah Al-Amri, Chairman of the National Committee<p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The National Committee on Anti-Money Laundering & Combating Financing of Terrorism (AML-CFT), which held its annual review meeting recently under the chairmanship of His Excellency Tahir bin Salim bin Abdullah Al-Amri, Chairman of the National Committee, approved the National Strategy on the subject, and undertook discussions on a number of pertinent issues concerning AML-CFT in the Sultanate. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The meeting also discussed several other significant issues, especially those with regard to building human and technical capacities on AML-CFT, in line with international standards and requirements. It also reviewed Sultanate's readiness for mutual evaluation of AML-CFT control systems in the country. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">Accordingly, the Committee reviewed the preparations for the mutual evaluation of the anti-money laundering and terrorist financing systems in the Sultanate for the year 2021. The Committee also emphasized the complementary and significant role played by other concerned authorities in ensuring effective implementation of AML-CFT regulations. It also underlined the role played by these authorities in safeguarding various financial and non-financial businesses, and non-profit organizations against the risks of money laundering and terrorist financing activities. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">As part of the Sultanate's ongoing engagement, the AML-CFT control systems in the Sultanate will be evaluated by the international organization Financial Action Task Force (FATF) and the regional organization Middle-East and North Africa Financial Action Task Force (MENAFATF). </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">In the evaluation process, the authorities will study and review the implementation and effectiveness of various measures adopted by Sultanate to combat money laundering and terrorist financing activities in the country. The authorities shall also assess whether the necessary laws, regulations or other related AML/CFT measures are in force and effect, and whether the supporting AML/CFT institutional framework is in place or not. They shall also examine whether the AML/CFT systems adopted by the Sultanate are working to the extent of achieving the defined set of outcomes. Accordingly, the national AML-CFT coordination initiatives, various confiscation measures undertaken, measures adopted to criminalize terrorist financing and arms proliferation financing, preventive measures adopted by various financial and non-financial institutions, businesses and professional organizations, and non-profit organizations, will be assessed by the authorities. The evaluators shall also scrutinize matters related with  legalities and institutional oversight of various  organizations and authorities in the country. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The Committee which approved the National Strategy for AML-CFT and the associated work plan being implemented up to the year 2022, noted that Strategy and the Work Plan were drafted in accordance with the results of the national risk assessment. As part of the approved national strategy, a number of objectives, aimed at enhancing awareness and understanding, about various risks associated with money laundering and terrorist financing activities at the national level have been included, in addition to those that are concerned with devising investigation, prosecution and confiscation procedures and methodologies. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2">The National Strategy also envisages improving the supervisory & regulatory roles of regulators by adopting a risk-based approach. Similarly, the Strategy also proposes several objectives related to the implementation of financial sanctions against AML-CFT norms violating entities, enlisted by the United Nations Security Council. The Strategy also calls for enhancing issues related with regard to ways of seeking legal aid in connection with AML-CFT at the international level, in addition to improving various training and capacity building initiatives in the field.</span></p>0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB701001A1EADFFD0CD66409B1A45E335F4666A

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