Oman Draws up Legislation against Money Laundering
A new law is being drawn up to combat money laundering in Oman, Gulf News reported Saturday, quoting a senior official.
Abdul Malik Al Hinai, economic affairs undersecretary was quoted by the daily as saying "some laws have been enacted to check financial malpractices, but new legislation will be issued soon to specifically deal with money laundering in keeping with the efforts of the Financial Action Task Force (FATF) formed by the G-7 countries to tackle the problem.”
He added that "the money-laundering hasn't become a major issue as such in Oman yet, but it can happen anywhere and anytime. Indeed, money launders are looking for new routes. We have to be extremely watchful. Vigilance is the catchword,” noting that an ad-hoc committee formed to combat money laundering will visit Paris in June to attend an important international debate on the problem.
The committee comprises the Ministry of National Economy, Central Bank of Oman, Ministry of Commerce and Industry, Royal Oman Police and Capital Market Authority – Albawaba.com
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