MOCIIP Notice on Money-Laundering and Terror Financing: Key Implications for Businesses and Investors in Oman
The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has issued a directive to all licensed businesses in the precious metals and precious stones trading sector to promptly designate an employee responsible for ensuring compliance with the Anti-Money Laundering and Counter-Terrorism Financing Law.
This requirement is mandatory and forms part of the national strategy to strengthen regulatory oversight of the sector and to uphold relevant international standards. The ministry has cautioned that failure to comply will result in legal repercussions.
Licensed establishments are required to submit the details of their appointed compliance officer to the following email address: [email protected]. For any inquiries, the Anti-Money Laundering Department can be reached at 22642069 or 92749067.
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The Ministry of Commerce, Industry, and Investment Promotion’s mandate for precious metals and stones businesses to appoint compliance officers signals heightened regulatory scrutiny and a push towards greater transparency in Oman’s financial ecosystem. This creates an opportunity for compliant businesses to build stronger trust and possibly attract international investors, while raising risks for non-compliant entities facing legal consequences. Smart investors and entrepreneurs should now prioritize robust AML/CTF frameworks to safeguard their operations and leverage Oman’s commitment to global financial standards.
