Pact signed to combat money laundering and terrorism financing

Muscat: The Capital Market Authority (CMA) signed on Wednesday a cooperation programme with the National Centre for Financial Information (NCFI) for the exchange of information in the field of combating money laundering and terrorism financing.

Abdullah Salim Al Salmi, Executive President signed for the CMA and Lieutenant Colonel Abdul Rahman Amur Al Kiyumi, Executive President signed for NCFI.

The programmes aim to identify the 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 programmes.

NCFI deals with receiving, requesting and analysing 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 endeavours through the programme 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 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.