209 reports of financial fraud

Money generated from illegal activities is recycled into economic activities such as the purchase of real estate - By Ali al Kasbi - MUSCAT — Col Mohsin bin Awadh al Muqaddam, Director of the Financial Investigation Unit at the Royal Oman Police (ROP), has said that 209 suspicious financial transactions were reported last year. Investigation into the reports led to the discovery of several money-laundering crimes, in addition to related crimes like swindling, forgery and violation of the financial law and other laws.

The suspects were transferred to the Public Prosecution Department and the respective courts issued various sentences ranging from 3-10 years of jail terms to fines and confiscation of funds used in the illicit business.

Col Al Muqaddam said that is a crime that originates from drug trafficking, corruption and misappropriation, with the money generated from these activities recycled into economic activities such as the purchase of real estate and companies, shares and moveable and non-moveable properties to camouflage the sources of funds.

The Financial Investigation Unit in the Sultanate acts in co-operation with the monitoring authorities in the country and similar organisations abroad to combat money-laundering and terrorism financing.

Col Al Muqaddam lauded the advanced level of co-operation with those national and international organisations, noting that a series of meetings is being held to foster co-operation. He was referring to Oman Monetary Forum, which is held once every two years, and other symposiums and meetings aimed to exchange and expertise.

The fora include the one held by the financial investigation group for the Middle East and North Africa, which comprises 18 units. Co-operation is also under way with the Igmont Group of Financial Intelligence Units, with a view to signing a memorandum of understanding, said Col Al Muqaddam.

It is worth mentioning that an awareness seminar was organised recently by the National Committee for Combating Money Laundering and Terrorism Financing for employees at the insurance and capital markets sectors under the theme ‘Combating Money Laundering’ at Capital Market Authority (CMA).

Source: Omanobserver.com