Meet on money - laundering held

BankMuscat has organized a conference on money-laundering at the Oman Sheraton Hotel. Inaugurating the conference Abdul Razak Ali Issa, chief executive of BankMuscat, said that money-laundering crime has direct implications for banks because they provide a variety of services and instruments that can be used to launder illegal money.
He said that BankMuscat was committed to the international efforts for combating money-laundering and has provided considerable resources to achieve that objective.
He thanked the Central Bank of Oman for guiding the financial institution in this matter.
He also acknowledge the role of the Royal Oman Police and their initiative in addressing this issue.

Delivering the keynote address, Lt-Colonel Dr Abdullah Ali Al Harthy of the Royal Oman Police, stated that the Financial Action Task Force (FATF) has acknowledged the role of the Sultanate as one of the leading Gulf countries which has initiated measures to combat money-laundering crimes.

The conference was attended by senior executives of the bank who exchange exchanged ideas on the subject.