Moving closer to achieving further development in combating money laundering and terrorist financing, the Capital Market Authority (CMA) and National Centre for Financial Information (NCFI) have signed an agreement for a cooperation program to exchange information.
The agreement will see development in coordination of efforts and governance of performance between the two parties, finding best practices for combating money laundering and terrorist financing and holding specialized workshops.
Abdullah Salim Al Salmi, Executive President signed for the CMA and Lieutenant Colonel AbdulRahman Amur Al Kiyumi, Executive President signed for NCFI.
According to CMA, “The programme aims to identify the joint cooperation, coordination of efforts and governance of performance between the two entities through sharing information and expertise and best practices in combating money laundering and terrorism financing crimes and the violations and crimes of the entities regulated by the CMA, as well as cooperation in workshops and training programs.”
NCFI deals with receiving, requesting and analyzing reports and information suspected of being related to the proceeds of crimes related to money laundering and terrorism financing as well as receiving other information related to cash transactions and wire transfers in accordance with the powers conferred under the Anti Money Laundering and Combating Financing Terrorism Law No. 30/2016.
The CMA endeavors through the program to enhance its regulatory systems to encounter the cases related to combating money laundering and terrorism financing in the capital market and insurance sector.
The CMA has established in 2020 a department for combating money laundering and terrorism financing to coordinate with the relevant local and international entities and setting out the rules for combating and spreading awareness.
The Anti-money Laundering and Combating Terrorism Financing Department of CMA conducts inspection and audit, sets standards for risk measurements, sets monitoring procedures and remedial measures, alerts the institutions and employees, analyzes the data and reports issued by the Capital Market and Insurance institutions at the same time acts as the contact point between CMA and its counterparts inside and outside the Sultanate while supporting efforts of the international community.
The law in Oman on money laundering is a revision of the earlier Law (Royal Decree 79/2010), which 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.
According to the CMA, 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.
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