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.
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.
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.
Any business or financial relationship created between financial institutions and the customer connected to the activities or services provided to the customer.
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.
Banning any transfer, conversion, replacement or disposal that causes change in volume or quantity or location or ownership or possession or nature or destination.
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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