Oman

New Documents

The Central Bank of Oman announced that the National Committee for Combating Money Laundering and Financing of Terrorism and the National Committee for Combating Terrorism agreed on the adoption of a national risk assessment report on the country’s money laundering and terrorist financing risks.

The Dubai Financial Services Authority and the Central Bank of Oman signed a Memorandum of Understanding regarding cooperation in the supervision and authorization of firms.

News

Enforcement Actions

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Important Facts

  • The U.S. Department labels Oman as a monitored jurisdiction. It is not a regional or offshore financial center and terrorist financing is not prevalent. Oman's location near the Strait of Hormuz makes it vulnerable to a small number of smugglers operating between the northern part of the country and Iran. The majority of smugglers and drug traffickers are generally expatriates. Oman is also a regional transit point for narcotics from Afghanistan, Pakistan, Iran and Tanzania. However, the government proactively tracks and prosecutes drug traffickers. The Omani authorities are aware that the growing Iranian overtures towards Oman for increased trade, especially in light of potential sanctions relief, may create threats of money laundering and terrorism financing activities. Corruption, primarily in the form of cronyism or insider operations, remains a concern. Since 2013, the government has been taking legal action against senior officials in the housing sector and senior executives of partially state-owned enterprises accused of corrupt practices in the oil and gas sector.
  • KYC Covered Entities: Banks; foreign exchange companies; investment and credit companies; insurance companies; companies and individuals providing financial services; stock and securities brokers; real estate brokers; dealers in precious metals and stones; notaries public; lawyers; and accountants
  • STR Covered Entities: Banks; foreign exchange companies; investment and credit companies; insurance companies; companies and individuals providing financial services; stock and securities brokers; real estate brokers; dealers in precious metals and stones; notaries public; lawyers; and accountants
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 25 Substantial :
Partially Compliant : 12 Moderate :
Non-Compliant : 9 Low :

BASEL i

Rank : 134/162
Score : 4.76/10

TRANSPARENCY INTERNATIONAL i

Rank : 56/180
Score : 52/100

Tax Justice Network i

Rank : 134/162
Score : 4.76/10