2023-08-12 18:21:05
Muscat: Laws to prevent money laundering and counter terrorist financing groups have been tightened in Oman. The Ministry of Commerce, Industry and Investment Promotion has issued an order regarding the new regulations.
Oman authorities aim to create a transparent business and financial environment by controlling black money lobbies. The law is designed to meet international standards in the fight against money laundering and terrorist financing. A special department was formed in 2020 to prevent activities including money laundering and providing financial support to terrorist activities.
According to the new guidelines, the law also mandates creation of a beneficiary register that records the data of partners or shareholders holding at least 25 percent of the company’s shares. The persons under this register of commercial companies will be defined as the real beneficiary. The new law reform has been introduced to create transparency and ease in the business sector.
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