About the Financial Intelligence Unit - Sultanate of Oman

Establishment of FIU – Oman
The Financial Investigation Unit (FIU – Oman) has been established pursuant to the Anti-Money Laundering and Combating of Terrorism (AML/CFT) Law issued pursuant to Royal Decree No. 79/201o on 28/06/2010.

 

Article (6) of this law reads:
"Royal Oman Police shall establish an independent unit called 'Financial Intelligence Unit' under the supervision of the Assistant Inspector General of Police and Customs. The Inspector General of Police and Customs shall issue a resolution regarding the nomination of its director, work mechanism, and its financial and administrative system. A sufficient number of officers and staff shall be annexed to it and the Ministry of Finance shall provide the funds necessary for its work."

Articles (7-11) of the Third Chapter of the same law, stipulate the terms of references, powers and responsibilities of the FIU which include the following:

  1. Receiving suspicious transactions reports (STRs) and information from financial institutions, designated non-Financial business and professions and nonprofit associations and organization, about the conducting or mere attempting of conducting transactions which are suspected to be related to proceeds of crimes, terrorism, terrorist crime, terrorist organization or suspected to include money laundering of financing of terrorism.
  2. Analyzing and investigating the received reports and information.
  3. Requesting any additional information, data or documents from the reporting entities and competent authorities.
  4. Disseminating the results of analysis and investigations to the Public Prosecution, when evident shows that a crime is committed.
  5. Requesting from the Public Prosecution to take some precautionary measures related to the crimes provided for in AML/CFT law.
  6. In case of suspicion that a transaction is related to any crime provided for in the law, FIU has the power to stop the suspicious transaction for a period not exceeding (48) hours. Based on the FIU request, the Public Prosecution may extend the stopping period to not more than (10) days, if evident confirms suspicions that the concerned transaction violates the AML/CFT law.
  7. Feeding back the reporting entities and supervising authorities with the results of analysis and investigations in accordance with the regulations.
  8. Issuing the necessary instructions and guidelines for the financial institutions, designated non-Financial business and professions and nonprofit associations and organization.
  9. Following up surveillance and checking up forms of declaration of Physical Cross-Border Transportation of Currency and Bearer Negotiable Instruments, in coordination with the Directorate General of Customs.
  10. Preparing and publishing periodical reports about the FIU activities, including statistics, typologies, trends and ways of money laundering and financing of terrorism as well as suggesting proper mechanism to fight them.
  11. Establishing an electronic database for STRs and information with proper means to make them available for judicial authorities.
  12. Sharing information and coordinating with competent authorities inside the Sultanate of Oman and in foreign countries as well as international organizations, in accordance with international and bilateral agreements to which the Sultanate is a party or in compliance to the principle of reciprocity, providing that such information is only used for the purposes of fighting money laundering and terrorism financing.
  13. Preparing an annual report on FIU activities in the field of anti-money laundering and combating financing of terrorism. Such report includes all of the FIU works related to the received STRs and the FIU suggestions on how to activate the systems of combating. The competent minister present this report to the cabinet based on recommendation of the National Committee for Combating Money Laundering and Terrorism Financing (NCCMLTF).
  14. Developing special training programs in the field of anti-money laundering and combating of financing of terrorism.