Workshop on the National Anti-money Laundering and Combating Financing Terrorism System

The Capital Market Authority organized a workshop on the regulation for implementation of the Security Council’s Resolutions issued under Chapter VII of the United Nations Charter on the Prevention and Suppression of Terrorism and the Financing of Terrorism and prevention, suppression and disruption of proliferation of weapons of mass destruction and its financing issued under Decision No. 1/2022 of the National Committee for Combating Terrorism.

The workshop was presented by Dr. Saud Mohammed Al Farsi, Counsel at the Ministry of Justice and Legal Affairs. The workshop, which comes within CMA’s endeavors to enhance the  Anti-Money Laundering and Combating Financing of Terrorism was held at the CMA’s  premises and attended by compliance officers and the like in the companies regulated by the CMA in the capital market and insurance sectors.

The workshop focused on a number of topics including introducing the money laundering and terrorism financing crime, historical rapid glance on the terminology and the concept of money laundering and terrorism financing, as well as the modern legislative structure for combating money laundering and financing terrorism and the legislative developments in the Sultanate of Oman of the Anti-Money Laundering and Financing Terrorism Law from 2002 to 2016. Then the workshop reviewed the definition of money laundering and financing terrorism according to law No. 30/2016, and the obligations of the regulators and licensed financial institutions in the legislative structure beside acquainting the participants with the international organizations and regulatory entities in the Sultanate of Oman, and the Regulation of the National Committee for Combating Terrorism and the obligations of the financial institutions thereunder.

It is worth noting that the workshop comes within the series of programs and workshops related to combating money laundering and financing terrorism implemented by the CMA represented by the Anti-Money Laundering and Combating Financing Terrorism Department in collaboration with various entities and expertise to achieve the awareness roles of the regulated entities beside its legislative role.