Oman’s Ministry of Commerce, Industry and Investment Promotion has issued a new directive aimed at tightening financial oversight within the country’s precious metals and stones trade. In a move to bolster transparency, all establishments licensed in the sector are now required to immediately appoint a dedicated compliance officer to ensure adherence to national anti-money laundering and counter-terrorism financing laws.
Strengthening Financial Oversight
The directive underscores Oman’s ongoing commitment to reinforcing its financial security framework and aligning with international standards for combating illicit financial activities. By mandating a specific compliance role within these high-value trade businesses, the ministry aims to create a more robust system for monitoring transactions and preventing the sector from being exploited for illegal purposes. The compliance officer will be the primary individual responsible for ensuring their establishment follows the regulations stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law.
New Compliance and Reporting Mandates
According to the notice, all affected businesses must not only appoint a qualified employee for the compliance role but also submit the individual’s details to the ministry via a dedicated email address, aml@tejarah.gov.om. The ministry has warned that failure to comply with this directive will result in legal consequences. For any questions regarding the new requirement, establishments have been advised to contact the ministry’s official helplines. This measure is a clear step towards creating greater accountability and transparency across the industry.
About The Ministry of Commerce Industry and Investment Promotion
The Ministry of Commerce, Industry and Investment Promotion is the Omani government body responsible for developing and implementing policies related to commerce, industry, and investment promotion. Its key objectives include creating a competitive business environment, attracting foreign investment, and regulating commercial activities to support the sustainable economic development of the Sultanate of Oman.
Source: Zawya
