Oman to issue anti-money laundering law

Oman will soon join the UAE in issuing a new law to combat money laundering as an international drive to deprive terrorists of funds, gains momentum.

Oman's central bank chairman, Hamoud bin Senjour, said banks in the sultanate had already been told to be careful in their financial operations and to check the identity of clients and the origin of their money.

"Oman is cooperating with other GCC states in fighting money laundering," he told the UAE daily Al Bayan.

"We have drafted a new law in this regard and it will be issued soon... the law includes definition of money laundering, penalties imposed against offenders and means to combat this phenomenon so the sultanate will not become a haven for illegal funds."

Senjour gave no details of the law but said it had been prepared with the help of international bankers.

The UAE has just introduced legislation involving stiff punishment for money launderers and the measures have already resulted in the freezing of 14 bank accounts.

Other Gulf states have similar plans.

The U.S., which is spearheading an anti-terror campaign, has urged all countries to support the drive by tracking and freezing any suspect funds.