Substantive risk-assessment reports approved

Business Sunday 01/January/2023 18:27 PM
By: Times News Service
Substantive risk-assessment reports approved

Muscat: Several substantive risk-assessment reports on the crimes of money laundering, financing of terrorism and proliferation of weapons of mass destruction were approved.
This was done in coordination with the National Counter-Terrorism Committee (NCTC), the National Committee for Combating Money Laundering and Terrorism Financing on December 29, 2022.

The approved reports are a culmination of effective coordination between all relevant AML/ CFT entities and a clear realisation of the national strategies, aimed at improving the prevention and control systems in the Sultanate of Oman and are consistent with the developments at the local and regional levels.

It is noteworthy that the approved reports are meant to identify, assess and understand the risks resulting from the crimes of money laundering, financing of terrorism and financing proliferation of weapons of mass destruction.

This is in addition to understanding the risks that might be faced by the legal entities and arrangements, and service offices in Oman. It is further to be noted that the two national committees aim to utilise the assessments to update and develop national strategies and action plans for combating such crimes.

The outcome of these assessments would effectively contribute to the allocation of the available risk management resources, and reinforcement of the capabilities of national authorities, including the pre-emptive measures and operational procedures.

Besides, the outcome would also enhance the capabilities of the relevant authorities, expand the scope of their legal framework, capability and preparedness to keep pace with the latest local, regional, and international developments related to combatting these crimes in compliance with the international requirements issued by the Financial Action Task Force (FATF).