Oman is preparing a law to combat money laundering in the sultanate, Economy minister Ahmad Meki was quoted by Oman News Agency (ONA) as saying Monday.
The law will conform to UN recommendations on the subject, said ONA.
It added the minister's remarks came on the sidelines of a regional conference in Muscat organized by the central bank on money laundering.
Gulf Arab states are vulnerable to money laundering because of their large foreign communities, which transfer funds back home on a regular basis making the movement of capital hard to monitor, AFP reported Monday.
In September, Qatar's central bank instructed the emirate's banks to investigate any transaction of more than 8,300 dollars as part of a bid to curb laundering, added AFP.
The Gulf Cooperation Council (GCC), which groups Oman and Qatar with Bahrain, Kuwait, Saudi Arabia and the United Arab Emirates, is a member of the Paris-based Financial Action Task Force on Money Laundering (FATF), said AFP - (Several Sources)
© 2000 Al Bawaba (www.albawaba.com )