Paris,
The Financial Action Task Force (FATF) published the Mutual Evaluation Report of the Anti-Money Laundering and Counter-Terrorist Financing Systems of the Sultanate of Oman for the Year 2024 after a review process that lasted for nearly a year and a half.
The report was previously discussed and approved at the FATF General Meeting held in the French capital, Paris, during the period 21-25 October 2024, in addition to its discussion at the level of the Middle East and North Africa Financial Action Task Force (MENAFATF) during 16-21 November 2024. The two meetings praised the high results achieved by the anti-money laundering system in the Sultanate of Oman in terms of adherence to international standards, which are the best in the Middle East and North Africa region.
This report is a very important step in the path of strengthening national efforts to combat money laundering and terrorist financing crimes and an international recognition of the Sultanate of Oman’s commitment and compliance with international standards related to enhancing financial integrity and achieving economic stability.
The report’s results confirmed that the Sultanate of Oman has a high level of commitment to the standards of the Financial Action Task Force (FATF) and a good understanding of the risks of money laundering and terrorist financing and has strengthened the anti-money laundering and terrorist financing system by implementing many reforms in its legal, legislative and supervisory framework. The Sultanate of Oman has also proven that it has a good legal and institutional system for investigating money laundering and terrorist financing crimes and that all relevant parties are provided with the necessary resources to pursue these crimes. The competent authorities also have quick access to financial and other information necessary for investigations.
This report is expected to contribute to strengthening the financial and economic position of the Sultanate of Oman at all levels, supporting economic growth and enhancing confidence in the banking, financial system, and other sectors which will push forward the achievement of the pillars of Oman Vision 2040 positively. The report’s results will provide a good reputation and an attractive and stable environment for investors.
It is worth noting that the mutual evaluation process comes within the framework of the Sultanate of Oman’s membership in the Financial Action Task Force (FATF) through the seat of the General Secretariat of the Cooperation Council for the Arab States of the Gulf, and a founding member of the Middle East and North Africa Financial Action Task Force (MENAFATF), as the Sultanate of Oman is obligated, like the rest of the group’s countries, to subject its anti-money laundering and terrorist financing systems to a mutual evaluation process by the two groups based on the forty recommendations and the approved evaluation methodology.
