Oman reviews steps taken against money laundering, terror funding

Muscat: Results of the national assessment of the risks related to the crimes of money laundering and terrorist financing were reviewed and discussed at a meeting held by the National Committee for Combating Money Laundering and the Financing of Terrorism (NCCMLFT) , in coordination with the National Counter-Terrorism Committee (NCTC).
This comes as part of the continuous coordination between all relevant parties, and part of the activation of national strategies and follow up on all developments in this regard at the local, regional and international levels.
The meeting is part of the technical cooperation programme between the Sultanate and the International Monetary Fund. It includes, in addition to reviewing the results of the said report, the initiation of the primary steps to develop a national strategy and action plan to deal with the findings of the national risk assessment report, as well as prepare for mutual evaluation of the Anti-Money Laundering and Combating of Terrorism (AML/CFT) system in the Sultanate.
It is worth mentioning that the preparation of the national report on risks came in accordance with the decision of the Council of Ministers to assign NCCMLFT in coordination with all concerned parties.
The report identifies, evaluates and understands the hazards of money laundering and its financing that the Sultanate may face in order to ensure that the resources are directed to effective risk management and to strengthen the Sultanate’s national capacities, proactive measures and practical measures to enhance the efficiency of its systems and expand the effectiveness of its legal legislation and the capacities of its concerned bodies and their preparations to keep abreast of developments at local, regional and international levels to combat money laundering and terrorist financing.