Oman has put in place a well-resourced AML/CFT supervision framework. While the supervision is risk-based to some extent, some challenges remain on the ability of all supervisors to understand ML/TF risks. While Omani authorities have access to most Beneficial Ownership information, the country should finalise its centralised Beneficial Ownership registry to further improve the availability of information to all legal persons. Oman places excessive measures on Non-Profit Organisations (NPOs), which are not consistent with Recommendation 8 of the FATF’s Standards. This may discourage and disrupt legitimate NPO activities, so Oman should remove the requirement that NPOs serve as reporting entities. Following the assessment, Oman is placed in "enhanced follow-up" and will report back to MENAFATF in one year.
Today we have published the report of the FATF-Middleeast and North Africa Financial Action Task Force (MENAFATF) mutual evaluation of Oman. The ME assessed the effectiveness of Oman’s AML/CFT/CPF measures, and the level of compliance with FATF Recommendations, at the time of an on-site visit between January and February 2024. Oman has significantly improved its AML/CFT framework in recent years with robust technical compliance. Oman is achieving positive results in the use of financial intelligence, international cooperation, combating terrorist financing and implementing financial sanctions for proliferation financing. However, in some areas more time and effort are needed for measures and reforms introduced to impact effectiveness. Read the full report on our website: bit.ly/3VNZCaJ #moneylaundering #terroristfinancing #aml #cft #mer #mutualevaluation #FollowTheMoney #MER
