Oman has released new rules of remittance and will come to effect from March 22. This new rule will put the expatriates who make substantial financial transactions under the scanner. This is a step taken to put a check on the money laundering activities of the region.
According to a Times of Oman report, a new system called Enhanced Due Diligence comes into effect and will focus high-risk and high-net-worth individuals engaged in significant transactions or money exchanges. The foreign companies looking for company formation in Oman are to take note of these new regulations.
“According to the guidelines issued by the Central Bank of Oman with regard to the Anti-Money Laundering law, transactions of over OMR400 ($1,040) have to undergo Enhanced Due Diligence,” Syed Faraz Ahmed, General Manager at Oman United Exchange, was quoted as saying.
Go to list