Oman: Regulations for Identifying Real Beneficiary Issued

Oman News developments

Oman: Regulations for Identifying Real Beneficiary Issued

Atheer, 14 January 2023: Oman has issued Regulations for Identifying the Real Beneficiary in Oman Ministerial Decision No. 630/2022. The new aims to enhance the mechanisms of money laundering and counter terrorism financing in the country.

The Regulations also aim to enhance the national economy and support the business sector. As a result of the regulations, commercial companies are required to establish a record for real beneficiaries noting the details of the partners or shareholders who own a share of no less than 25% of the company shares. A real beneficiary is defined as the person who actually owns or has an actual influence on a commercial company directly or indirectly.

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Benjamin Filaferro