Precautionary steps prevent money laundering, says CBO

MUSCAT, Oman - Hamood bin Sangour Al Zadjali, executive president of the Central Bank of Oman (CBO), said the Sultanate is free of money laundering operations thanks to the precautionary measures, laws and systems adopted by banks, financial and banking companies operating in the country.

He added, in a statement he delivered yesterday after opening a seminar, titled 'Correspondence banks, a gateway to money laundering,' that employees of such institutions have to be reminded from time to time with the risks resulting from money laundering on the Omani banking system.

He noted that the CBO applies the 40 criteria of the Basil Committee and eight criteria on financing terrorism which were issued by the United Nations.

He noted that all pertinent institutions in the Sultanate including the CBO accord special attention to encountering any attempts for money laundering and terrorism financing. He added the practical steps undertaken in this regard include raising awareness and increasing information exchange on developments in order to enhance the Sultanate's plans to combat money laundering and terrorism financing. He said the holding of this seminar comes within the context of these efforts.

Lectures delivered during the seminar focused on the threats of money laundering on banking and financial institutions and how to avoid it. The lecturers said as the Gulf region and the Middle East is a centre for various money transfer operations, its financial and banking institutions have to enhance monitoring in order to avoid money laundering and terrorism financing operations. - ONA