Al-Ibri: The department is working on spreading awareness, legislate and contribute to the national and international efforts to combat this phenomenon.The Capital Market Authority introduced to its administration structure a new department under the name of combating money laundering and financing terrorism, since it is an organizational authority that ensures to provide a safe investment climate for institutions in capital market and insurance sectors. In addition to achieving its main role in protecting the investors and policyholders’ rights by continuing the authorities and governmental units’ efforts in dealing with the money laundering and financing terrorism phenomenon. The establishment of this department comes with the authority’s continuous efforts to meet the national and international requirements to complete the combat of money laundering and financing terrorism system and enhance its efficiency. The authority issued previously this year the implementing regulations for combating money laundering and financing terrorism law number 30/2016 for the companies sectors working in securities, companies, brokers and insurance agents’ fields.Mohammad bin Said Al-Ibri, Vice-President of Capital Market Sector, said in his statement that the Capital Market Authority ensures by establishing this department the continuous efforts for the Sultanate to enhance the legislative environment that provides the sufficient protection for the institutions and the clients working in the capital market and insurance sectors. The establishment of this department is included in the preparation procedures to work on executing the national Oman vision 2040 based on achieving the main national priorities to develop the national economic system represented by achieving the financial sustainability, find an investment and legislative environment that attracts investment, develop the institutional performance and coordinate the governmental efforts, alignment with the authority’s strategic objectives based on enhancing the capital market and insurance performance and raise the awareness in addition to the sufficient raising of the authority’s performance. Al-Ibriadded that the new department will be specialized in reviewing and developing the legislations and instructions related to combating the money laundering and financing terrorism crime in the capital market institutions, companies, brokers and insurance agents and following its compliance with legislations and instructions mentioned for combating this phenomenon. It will also enhance to spread the awareness and educational aspect for this international phenomenon’s concepts and practices and how to limit and void it in the future. He ensures that raising awareness about the risks for practicing money laundering and financing terrorism phenomenon and clarifying the regulations and precautionary measures to prevent it is considered the keystone for preventing and protecting the institutions and individuals from its economic consequences and effects.On the other side, Al-Ibri clarified that establishing this department keeps pace with the best international practices and reflects the Sultanate’s role and efforts at the regional and international levels in enhancing the combat of money laundering and financing terrorism system. This department deals with protecting the capital market institutions, companies, brokers and insurance agents and their clients in the Sultanate from the money laundering and financing terrorism crime risks. This will enhance the trust level for the international organizations, investor and clients from inside and outside the Sultanate in combating money laundering and financing terrorism system in the Sultanate. While the concreted and complementary local, regional and international efforts are considered one of the means used to maintain the global financial system’s stability through preventing the financial system use in the Sultanate for money laundering purposes resulting from the crimes and financing terrorism through adopting a control system based on the risks and for the best international practices followed in this regard. Various tasks were assigned to this department like field and office examination and auditing. The department also identifies which of the capital market institutions, companies, brokers and insurance agents are more exposed to money laundering and financing terrorism crime risks and working on raising its efficiency through putting adequate follow-up mechanisms and treatment programs. The department will study the capital market institutions, companies, brokers and insurance agents’ conditions that are havingproblems in complying with combating money laundering and financing terrorism requirements, following the execution of condition compromising plans, analyzing the financial statements and reports and other reports received from these institutions to ensure the compliance level with the legislations and instructions related to money laundering and financing terrorism crime.By awareness-raising aspect, the department is enhancing the national efforts to raise awareness about money laundering and financing terrorism crime, its risks and how to combat it. In addition to ensuring the existence of the correct awareness and understanding for money laundering and financing terrorism concept and its risks between the investors and their clients in the sectors that the authority supervise generally and inside the capital market and insurance system sectors specifically. Coordination with the awareness, information and foreign affairs department in the authority to formulate an awareness and public information programs related to combating the money laundering and financing terrorism crime in cooperation with different authorities concerned with combating this terrorism inside and outside the Sultanate.