Inspection campaigns to combat money laundering launched in Oman

Muscat: The Department of Commerce, Industry and Investment Promotion in Al Dakhiliyah Governorate is continuing its inspection campaigns to implement the decision to combat money laundering and terrorist financing in the Sultanate of Oman, by appointing a compliance officer for suspicious transactions for the precious metals and gems sector.

Oman seeks to comply with the requirements of combating money laundering and terrorist financing, and to comply with the international standards in force in this field, including those determined by the Financial Action Task Force.

As one of the first countries to be committed to the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988 AD and the United Nations Convention against Transnational Organized Crime of 2000 AD, Oman is committed to implementing international initiatives to combat money laundering and the financing of terrorism. It is also a member of the Financial Action Group through its membership in the Gulf Cooperation Council of States. The GCC seeks to update its laws and fulfill the institutional and procedural requirements required for the cause.