468 suspicious transactions probed in 2017: FIU

Instances of suspicious transactions reported to the National Centre of Financial Information (NCFI) — the Sultanate’s frontline financial intelligence unit — declined almost 25 per cent to 468 cases in 2017, down from 623 cases a year earlier.

The vast majority of Suspicious Transaction Reports (STRS) were reported by banks (292), followed by money exchanges (171), the NCFI revealed in its Annual Report for 2017. Deposits and withdrawals via the banking system represented the dominant route used by the suspects to perpetrate their alleged crimes, with as many as 339 cases falling in this category, followed by money transfers (121). Money exchanges were used in five of the cases, while a further three suspicious transactions were classified as loan repayments/cash movement.

Also known as the Financial Intelligence Unit (FIU – Oman), the National Centre of Financial Investment was established in 2010 pursuant to the enactment of the Antimoney Laundering and Combating of Terrorism (AML/CFT) Law issued via Royal Decree79/2010. Operating under the auspices of the Royal Oman Police (ROP), the Centre is tasked with investigating suspicious transactions reports (STRS) linked to the proceeds of crimes, terrorism, terrorist crimes and terrorist organisations or suspected to include money laundering or financing of terrorism.

As part of its remit, the NCFI shares information and coordinates with competent authorities within the Sultanate as well as Financial Intelligence Units (FIU) in other countries, among other international organisations, in accordance with international and bilateral agreements to which the Sultanate is a party.

Despite a significant decline in suspicious transactions reported last year, cases received by the NCFI have been on the uptrend over the past couple of years. From 266 cases reported in 2014, it climbed to 287 a year later, surging to 623 reports in 2016, before slumping to 468 cases last year.

Of last year’s total of 468 STRS, cash was used as the mode of suspicious transaction in all but three of the cases, according to the annual report. In two of the instances, suspicious