381 suspicious financial transactions were monitored last year

03 Oct 2019
POSTED BY Basma Al Zadjali

October 2019, Muscat, (Al Wisal): According to Police Captain Issa bin Ali Al Balushi, head of the Legal Affairs Department at the National Centre of Financial Information (NCFI), about 381 suspicious financial transactions were monitored in the Sultanate of Oman last year.



Captain Al Balushi pointed out that the money laundering crime is not solely limited to money transferred into the country from abroad, but local crimes are also committed within the country itself in the same field, such as drugs revenues, theft, bribery, embezzlement, etc.

He also explained that money launderers often invest in sectors with less tight control, such as banking and real estate sectors, while some of them target non-government associations (NGAs).

The Police Captain also warns against communicating with calls received from unknown abroad contacts who claim to transfer large sums of money to private bank accounts, and to avoid complying with the tempting deals.

It’s emphasized that getting involved with such kinds of deals would expose the person to legal accountability, as the penalty of money laundering is imprisonment for a minimum of 5 years, but not more than 10 years, and a fine of no less than RO 50,000.


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