June 6, 2016
Oman will co-operate internationally in the extradition process of anyone involved in terrorism, the funding of terror or money laundering, it has been announced. The new legal amendments, announced today, mean more extensive and comprehensive changes in a vast number of provisions and regulations of the previous law, particularly related to the rules and regulations on risk assessment and preventive measures. They also related to due diligence on customer identification and Know Your Customer systems. The changes also impact on Politically Exposed Persons (PEPs )who represent risks, correspondent banking relationships, financial operations, sanctions on financial institutions and non-financial businesses, professions and financial institutions, as well as due diligence, in particular with countries that do not adequately apply proper financial standards.
Aspects of customs declarations and international cooperation, and strengthening the sanctions imposed on violators and the definitions included in the law, were also updated.
Additionally, they also include upgrading the level of the Financial Intelligence Unit as a “National Center for Financial Information” enjoying a legal personality and financial and administrative independence.
The amended law also included an integrated chapter on international cooperation in the field of legal and judicial assistance and extradition of criminals related to money laundering and terrorist financing crimes.
This development came to support the ongoing national efforts and to enhance the Sultanate’s legislation in the fight against cross-border crimes, namely money laundering and financing of terrorism.