Paris: During the collective meeting held from October 21 to 25, 2024, in Paris, the Financial Action Task Force (FATF) convened to deliberate on the mutual evaluation report pertaining to the anti-money laundering and counter-terrorism financing frameworks within the Sultanate of Oman.
The assembly of the group extended its appreciation for the commendable strides and diligent efforts undertaken by the Sultanate of Oman, which have significantly contributed to the enhancement of the anti-money laundering and counter-terrorism financing systems over the preceding years. This was particularly noted for the substantial technical commitment demonstrated in aligning the legislation and procedures implemented by the relevant authorities with the international standards issued by the FATF.
For instance, the group acknowledged the commendable initiatives in the utilization of financial information for investigative and inquiry purposes, the facilitation of international cooperation in legal and judicial assistance matters, the fight against and prosecution of terrorism financing offenses, and the implementation of targeted financial sanctions aimed at countering the proliferation of weapons of mass destruction.
Furthermore, during his address at the general meeting, Tahir Salim Al Amri, the Executive President of the Central Bank of Oman and Chairman of the National Committee for Combating Money Laundering and Terrorism Financing, highlighted the high-level attention directed towards the Sultanate of Oman. This attention has been instrumental in the development of an anti-money laundering and counter-terrorism financing system that operates in accordance with the national mandates, benefiting from the outcomes of national risk assessments for the years 2018 and 2023.
He emphasized that the system is positioned to collaborate effectively with other nations in safeguarding the global financial system against exploitation by criminal elements.
Al Amri underscored the Sultanate of Oman's progress in refining the system for combating money laundering and terrorist financing crimes in line with the latest updates to international standards. This is in alignment with the national strategies and action plans approved by the Sultanate of Oman, which empower it to identify, prosecute, and confiscate the assets of those involved in these illicit activities.
As the mutual evaluation process is a collaborative endeavor between the FATF and the Middle East and North Africa Financial Action Task Force (MENAFATF), the report is slated for discussion and approval during the general meeting in mid-November. It is anticipated to be published in its definitive form in early December.
