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Tue 19 Apr 2016 01:57 PM

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Oman mulls plan for money laundering law

Draft law proposes tougher penalties for money laundering, funding terrorism

Oman mulls plan for money laundering law
Oman Shura Parliament. (Getty Images)

Oman’s State Council is to review a draft law this week intended to tighten up on money-laundering and funding of terrorism, it has been reported.

Earlier this month, the Shura Council approved amendments to the Anti-Money Laundering and Financing of Terrorism Acts law, including jail terms of up to 10 years and a fine of up to OR50,000 ($130,000), with the penalty doubled if an organised criminal group is involved.

This Wednesday, reported Muscat Daily, the council of ministers will examine the draft law in detail before it is ratified.

The meeting will be overseen by State Council chairman Yahya bin Mahfoudh al Manthri.

The Shura Council approved the law following an in-depth study by the Legislative and Legal Committee.