Anti Money Laundering (AML) in Oman
In March 2002, a royal decree was issued enacting The Law of Money Laundering. The new law improved the existing money laundering regulations by detailing bank responsibilities, widening the definition of money laundering to include funds obtained through any criminal means, and providing for the seizure of assets and other penalties.
The Royal Oman Police (ROP), in coordination with the Central Bank of Oman (CBO), is responsible for investigating money laundering activities. Banks are required to appropriately identify their customers and report all suspicious transactions. Compliance personnel are now present in all banks.
Overall, the Government of Oman maintains a strong and effective regulatory regime with respect to its formal financial institutions.
The Economy of Oman
Oman has a middle-income economy that is heavily dependent on oil resources. Elevated oil prices in recent years have helped build Oman's budget, trade surpluses and foreign reserves.
Oman furthered the globalization of its economy in September 2006 by ratifying a free trade agreement with the US. Oman continues to seek out similar agreements with the European Union (EU), China and Japan through the Gulf Cooperation Council (GCC) in an effort to continue its economic growth.
Banking in Oman
Established in 1974, the Central Bank of Oman (CBO) is responsible for maintaining the internal and external value of the national currency and is also the single integrated regulator of Oman's financial services industry.
The CBO aims to provide monetary and financial stability and promote a sound and progressive financial sector to achieve continued economic growth for the benefit of Oman.
The CBO issues the national currency, supervises its circulation, preserves its value and manages foreign assets. In addition to its many other duties, the Central Bank also acts as the advisor to the government in economic and financial matters.
Omani Currency
The currency of Oman is the Omani Rial (OMR). The rial is divided into 1,000 baisa. Banknotes are available in denominations of ½, 1, 5, 10, 20 and 50 rials and in 100 and 200 baisa. Coins are available in 5, 10, 25, 50, 100 baisa, ¼, ½ rial denominations.
Other Key Statistics of Oman
Time Zone: UTC+4 (9 hours ahead of Washington, DC during Standard Time).
Location: Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and UAE.
Population: 3,311,640 (July 2008 est.).
Labor Force: 920,000 (2002 est.).
Languages Spoken: Arabic is the official language. English, Baluchi, Urdu and Indian dialects are also spoken.
Trade Organizations: Oman is a member of the World Trade Organization (WTO).
