Commerce Ministry Keeps Vigilant Eye on Money Laundering, Terrorism Financing Through Proper Audit
Muscat, 1 Nov (ONA) — The Ministry of Commerce, Industry and Investment Promotion (MCIIP) is embarked on activating the audit system to combat money laundering and terrorism financing, besides overseeing the operations of all establishments supervised by audit authorities. Aligned to risk management plans, the procedure seeks to ensure a great proportion of efficiency of audits so that available resources can be properly channeled to high-risk establishments.
Khalid Hamad Al Saadi, Acting Head of Department for Controlling Money Laundering and Terrorism Financing (at the MCIIP’s Competition Protection and Monopoly Prevention Department), said that the Ministry’s role focuses on monitoring all practices and developments related to money laundering and terrorism financing. The aim is to establish a special sector to contribute to the development of the local economy and furnish an appropriate environment for its growth.
Al Saadi pointed out that the Royal Decree No. 30/2016 defined the role and functions of the Ministry as one of the state’s monitoring departments mandated to oversee the non-financial activities, tasks and professions stated in Article (4) of the same decree. This covers a broad range of businesses, including valuable minerals, precious stones, automobile trade and the work of auditors and accountants in the same fields.
Al Saadi explained that the Sultanate of Oman undergoes mutual assessment by the Middle East and North Africa Financial Action Task Force (MENAF).
Accordingly, the Ministry drafts laws and ministerial decisions regulating its relationship and cooperation with other state departments concerned that monitor and report suspicious financial transactions and illegal operations leading to money laundering or terrorism financing or other negative business phenomena, said Al Saadi.