Muscat: The Ministry of Commerce, Business and Funding Promotion (MoCIIP) carried out greater than 170 inspection visits to the places of work, accounting, auditing corporations, and corporations of valuable metals and stones, that are subjected to the supervision of MoCIIP.

The inspection visits have been carried on the governorates of Muscat, Dhofar, Al Batinah South and   Al Batinah North, in an effort to verify the extent of the dedication of the inspected entities by using an worker to detect any suspicious transaction and for following the legislations associated to combating cash laundering and terrorism financing, as a compliance to the announcement printed by the MoCIIP final August 2022.

This comes throughout the framework of the MoCIIP’s keenness to induce the related authorities and to facilitate the accounting, auditing places of work and corporations, and the businesses of valuable metals and beneficial stones to adjust to enforced guidelines, whereas the ministry has created an e-mail:  [email protected], for sending the necessities that it have to be complied with, to its workers who’re working on this subject.

Abdul Hameed bin Mubarak Al Sheedi, a member of the Anti-Cash Laundering, and the prevention of Terrorism Financing group   on the MoCIIP stated: “The ministry continues its inspection campaigns on the  Governorates of Muscat, Dhofar,  Al Batinah South and  Al Batinah North, whereas  the marketing campaign will embrace   the remaining governorates in the course of the coming interval. It goals at activating the management system associated to combating Cash laundering and terrorism financing and to emphasize the supervision on the entities which can be subjected to the supervision of the regulatory authorities, in accordance with plans based mostly on a risk-based method, in an effort to guarantee larger effectiveness of management and supervision, and to direct the out there sources in an applicable and direct method to establishments of upper danger.

Abdul Hameed Al-Sheedi added: The licenced services embrace all accounting, auditing places of work, corporations, establishments and corporations promoting jewelry, crafting and importing valuable metals and beneficial stones, laboratories for examination and evaluation of valuable metals and beneficial stones, and workshops for filtering valuable metals.

He identified that,   the Ministerial Resolution 198/2021 Issuing the Regulation on the Audit of Accountants, Auditors, Accounting and Auditing Places of work and Firms, and Valuable Metals and Valuables Gem stones Establishments and Firms concerning Combating Cash Laundering and Terrorism Financing, Which outlined the suspicious or uncommon operations as operations which can be suspected to be associated to the crimes stipulated within the legislation,  has obligated the licenced institution by appointing a compliance officer to watch the compliance of the licensed facility and its workers with the necessities of the Anti-Cash Laundering and Terrorism Financing Legislation.