The Financial Services Authority (FSA), in cooperation with the National Counter-Terrorism Committee, organised an awareness workshop delivered by the National Centre for Financial Information. The workshop targeted employees of financial institutions and entities regulated by the FSA, aiming to raise awareness of terrorist financing risks and enhance understanding of the legal and regulatory obligations associated with implementing targeted financial sanctions.

The workshop forms part of ongoing cooperation and coordination between the FSA and relevant national authorities to strengthen the capabilities of financial institutions, improve the effectiveness of compliance and internal control procedures, and enhance institutional preparedness to address financial risks associated with illicit activities.

The workshop examined key risks and threats associated with terrorist financing at the domestic and international levels. It also introduced the targeted financial sanctions framework, its goals and the legal provisions governing its implementation in the Sultanate of Oman, including National Counter-Terrorism Committee Decision No. 1/2022 concerning procedures for implementing United Nations Security Council resolutions adopted under Chapter VII of the UN Charter.

The workshop also addressed financial institutions’ obligations in implementing targeted financial sanctions, including procedures for screening individuals and entities against national and UN sanctions lists, freezing funds and economic resources, and prohibiting their availability to designated persons and entities. It further outlined the responsibilities of regulatory authorities and financial institutions in ensuring compliance with the relevant requirements.

Particular emphasis was placed on the importance of continuously monitoring updates to sanctions lists and implementing the necessary internal procedures to respond to changes. These measures strengthen institutions’ ability to identify potential risks, take appropriate preventive action and reduce the likelihood of financial systems and services being exploited to finance prohibited activities.

The FSA reaffirmed its commitment to strengthening the capabilities of regulated institutions and enhancing their preparedness to address money laundering and terrorist financing risks. Through greater awareness of legislative and regulatory requirements and a stronger culture of compliance, in cooperation with relevant national authorities, the FSA seeks to reinforce the soundness of the non-bank financial sector, safeguard the integrity of financial transactions and support national efforts to meet relevant international obligations and standards.