State Council okays draft Anti-Money Laundering and Finance of Terrorism Law

Muscat: State Council approved the draft Anti-Money Laundering and Finance of Terrorism (AMLFT) Law, which was referred by the Council of Ministers, as well as the reports of Majlis Al Shura and the Legal Committee on the same draft law while taking into consideration the remarks of the members of the State Council and a committee to draft such remarks.
The State Council chairman delivered a speech saying that the session will be dedicated to the draft AMLFT law, which was referred by the Council of Ministers, as well as the report of Majlis and the Legal Committee.
Abdul Qadir bin Salim Al Dhahab, Head of the Legal Committee pointed out that the AMLFT Law was issued in 2002. An updated version of the law was also issued in 2010. He added that the draft law takes into consideration the international agreements and liabilities the Sultanate is party at.
He also said that the amendments to the law were comprehensive and added many new provisions. Additions have been made to the definitions and the general provisions.
“While studying the draft law, the Committee reviewed several Arab and international agreements on AMLFT and some comparative laws for the GCC countries,” he concluded. State Council yesterday held its 8th regular session of the 1st annual sitting of the 6th term under the chair of Dr. Yahya bin Mahfoudh Al Mantheri, its Chairman.