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Sunday, 28 February 2021
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  2. Anti-money Laundering

Anti-money Laundering

.

  • CMA’s Role
  • AML/CFT Department
  • Laws and Regulations
  • Risk Assessment and Suspicion Indicators
  • Related Entities
  • Glossary

Glossary

Money Laundering Crime

 

Exchange or transfer of funds in order to disguise or conceal the nature and source of the proceeds or disguise  or conceal the real nature, source, location, movement and ownership of funds and their relevant rights or to help a person who committed the predicate crime to escape penalty or holding the fund or possession or use on receiving.

 

Terrorist Act

 

To commit, attempt, participate, organize, plan or contribute in committing an act that constitutes an offence under the international treaties and conventions  in which the Sultanate is a signatory, and any act that intends to cause  death, bodily injury  or directed to terrify, and any act that is considered a terrorist act under counter-terrorism law or any other law.

 

Financial Institution

 

Any persons who practices business activity for, or on behalf of the customer in one of the activities such as to receive deposits and other payable funds from the public, trade, investment or operation or asset management, participating in issuing securities, provision of related financial services, fund management and management of various types of portfolios,  custodianship, insurance business which include insurance companies, brokers and agents.

 

 

 

Business Relationship

 Any business or financial relationship created between financial institutions and the customer connected to the activities or services provided to the customer.

 Funds

 Any type of assets or properties regardless of their value, nature or possession method, whatever the form is, whether electronic or digital, inside or outside the Sultanate of Oman, all due revenues or profits or fully or partially distributed. It includes local and foreign currency, securities and commercial instruments, property or physical or moral movables, and all rights vested therein, Sukuk and deeds  proving  all the above, and includes bank credits, deposits, postal and bank  transfers, letters of credit insurance and reinsurance and all types of financial obligations , share in the  business of sole trader or company  and debt and debt obligations.

 

 Freezing Funds

 Banning any  transfer, conversion, replacement or disposal that causes change in volume or quantity or location or ownership or possession or nature or destination.  

 Confiscation

 Permanent deprivation and seizure of the proceeds of the money laundering or terrorist financing crime under a final judgment by a competent court

  The National Committee for Combating Money Laundering and Terrorism Financing

 The committee entrusted to develop a national strategy to ban and combat the money laundering and financing of terrorism crime in coordination with the competent entities and  chaired by the Executive President of the Central Bank of Oman and the membership of the concerned entities.

 National Centre for Financial Information

 The Centre tasked to receive, request and analyze reports and information which are suspected to be proceeds of crime or suspected to be connected or related to money laundering crime or financing of terrorism and reports to the Inspector General of Police and Customs

 Financial Action Task Force (FATF )

 FATF was chartered in 1989 by the Group of Seven industrial nations to foster the establishment of national and global measures to combat money laundering and terrorism financing. The group works closely with a number of international organizations such International Monetary Fund, the World Bank, United Nations and regional organizations such as Financial Action Task Force -Style Regional Body ( FSRS).

 Customer Due Diligence Measures

 Measures and processes the financial institutions, businesses and non- financial professions and non-for profit associations shall take to identify the customer or who act on behalf of the customer and real beneficiaries to find out the purpose of business relationship and to verify based on  sources, documents and information   issued by reliable and independent official entities.

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