Workshop focuses on ways to combat money laundering

Times News Service

MUSCAT: The National Committee for Anti-Money Laundering and Combatting Financing of Terrorism (AML/CFT) hosted a joint workshop for training and educating residents regarding money laundering and financing terrorism.

The event was held in collaboration with the Financial Action Task force (FATF) and Middle East and North Africa Financial Action Task force (MENAFATF) from February 24 to February 28, 2019 at Sheraton Oman Hotel.

The inauguration ceremony was held under the auspices of Tahir bin Salim Al Amri, Executive President of the Central Bank of Oman (CBO), Chairman of the National committee for AML/ CFT, with attendance of a group of officials concerned with combating money laundering and financing terrorism.

Such workshops for training and educating residents aim specifically at creating the largest possible segment of experts specialising in the mutual assessment process in a manner that serves the vision and objectives of both FATF and MENAFATF as well as enhances the international system for combating money laundering and financing terrorism. Countries are subjected to the mutual assessment process through measuring the compliance of regulators, financial institutions, non-financial corporations and businesses and non-profit organisations under their supervision with international standards and in alignment with the direct results of efficiency measurement in accordance with international recommendations and the mutual assessment approach approved in 2012 and 2013 consecutively.

The workshop saw participation of 45 representatives from 14 FATF and MENAFATF State Members, alongside experts and speakers representing the FATF and MENAFATF Secretariat and International Monetary Fund.