MoCIIP calls on institutions to report suspicious transactions

Muscat: The Ministry of Commerce, Industry and Investment Promotion urges all accounting, auditing offices, institutions, companies working in precious metals and gemstones to expedite the appointment of an officer responsible for reporting suspicious transactions in their institutions.

The ministry said in a statement: “The institutions must provide the ministry with the requirements via e-mail [email protected], within a week of this announcement, and it includes a copy of the civil ID of the aforementioned employee, the employee’s phone number and e-mail, and a copy of educational qualifications and training certificates in the field.

MoCIIP added: “This is based on Royal Decree No. 30/2016 issuing the Anti-Money Laundering and Terrorist Financing Law, and Ministerial Resolution No. 198/2021 issuing a regulation for oversight of accountants, auditors, accounting and auditing offices and companies, and precious metals and stones institutions and companies regarding combating money laundering and terrorist financing.”