MUSCAT -- A decision setting rules for customer identification as a means to combat money-laundering and terrorism financing was issued recently by Commerce and Industry Minister Maqbool bin Ali Sultan. The decision, enforced on October 7, instructs companies operating in the field of precious metals/stones trade, real estate brokerage, accounting and promotion of companies' services to check the identity of clients, who should submit official documents issued to them by the parties concerned in the Sultanate.

All transactions must be registered in ledgers and journals, and so shall client personal data, date and nature of transaction (type, value, etc).

The decision requires that such information (including digital alternatives) must be kept by companies for a period not less than 10 years from the date of deal sealing. Records of correspondences and other documentation have to be kept for not less than five years from the date of transaction. The decision also instructs the companies and offices concerned to notify the Royal Oman Police about any dubious activities that could relate to money-laundering or terrorism financing.

It instructs the companies/offices to enable officials of the Ministry of Commerce and Industry and other parties concerned to have access to the records of transactions. The decision, issued on September 23, states that the companies operating in the above-mentioned fields to develop suitable programmes for the detection of money-laundering and terrorism financing. The programme should include staff training and internal auditing, according to the decision.

By Mohammed al Shizawi

© Oman Daily Observer 2008

 

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