The 2016 International Narcotics Control Strategy Report (INCSR) from the US Department of State classified Oman as a Monitored Jurisdiction (Lower Risk). According to the report, Oman does not provide a serious risk for money laundering or the funding of terrorism, nor is it an offshore or regional financial hub.

What is Oman’s FAFT Status?

FATF has not yet classified Oman as having significant risks related to money laundering and terrorism financing or as having strategic shortcomings in AML/CFT. The Financial Action Task Force (FATF) completed the last Mutual Evaluation Report in 2011 about Oman’s application of anti-money laundering and counterterrorism funding regulations. Oman was found to be in compliance with three of the FATF 40 + 9 recommendations and mostly compliant with the remaining twenty-four. In relation to one out of every six Core Recommendations, it was either partially or completely compliant.

What are the Anti Money Laundering Laws in Oman?

Adopting CFT recommendations (BM 923, dated December 25, 2001) and imposing further obligations, such as regular reporting of suspicious transactions, follow-up, review, information-sharing, etc., have resulted in a continuous improvement in coverage and intensity.

In Oman, there isn’t an informal funds transfer system.

Treaties for collaboration and contacts exist on both a bilateral and multinational level. Following Oman’s FATF examination in 2003, acceptable norms were confirmed and suggestions for improvement were made. They receive careful attention.

Actions are taken in response to pertinent UN Resolutions, such as account blocking.

For specialized attention and exchanges on the topic, the Central Bank’s Banking Development Department operates a distinct AML/CTF Unit.

Licensed institutions are kept under observation and oversight via on-site inspections as well as quarterly reports.  In addition to the licensees’ yearly tests, there are also special appraisal and investigation visits.

Together with the Penal Code and other laws, the Anti-Money Laundering Law and Executive Regulation mandate stringent requirements and permit broad-ranging actions. The National Committee for Combating Money Laundering, which is led by senior representatives from relevant Ministries, Regulators, and Law Enforcement Authorities, is responsible for overseeing the AML/CFT regime in the Sultanate.

Is Oman in Any Sanction List?

Nowadays, this nation is not subject to any international sanctions.

This nation is a member of the Arab League, which consists of 22 Arab member states. It has decided to impose sanctions on Syria. Among them are:

• Halting communications with the central bank of Syria.
• Arab states suspending funding for projects in Syria.
• Top Syrian officials are prohibited from visiting other Arab nations.
• Assets belonging to the administration of President Bashar al-Assad are frozen​.

In addition, the statement urges Arab central banks to keep an eye on any transactions made to Syria, aside from money sent home by Syrians living abroad.