Times of Oman, 1 August 2021: A new decision issued by the Ministry of Housing and Urban Planning has ruled that real estate firms and developers in Oman will need to make sure they do not accept funding for projects from questionable or dubious sources.
Issued by the Minister for Housing and Urban Planning, the decision aims to combat money laundering. Real estate firms, brokerage houses and developers will bear responsibility for accepting funds which were acquired through money laundering, or other dubious sources.
As part of the regulation, employees must be trained to detect suspicious transactions and the activities associated with them. An effective audit system must also be introduced to verify compliance with external and internal control processes, and policies put in place to act as a deterrent to using laundered funds to finance economic activities. Risk assessment procedures must be documented and regularly updated so that companies are familiar with the latest standards required from them. Procedures must be drafted in writing, so that they can be submitted to the proper government organisations when needed.
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