Oman Lawyers and Law Firms must submit Audit Report, Says MJLA

Anti-Money Laundering and Terrorist Financing Law promulgated by Royal Decree No. 20/203, and the Law of Legal Profession promulgated by Royal Decree No. 108/96 and Ministerial Resolution No. 130/2022 issuing a regulation for monitoring lawyers, law firms and civil law firms with regard to combating money laundering and terrorist financing.

As per the regulation, The Ministry's Anti-Money Laundering and Terrorism Financing Department requests all civil law offices and companies to provide the Department with the name of the compliance officer and the approved financial audit report for the year 2023 within two weeks from the date of issuance of the circular. 

If the department is not provided with the required information and documents within the specified date, the matter will be presented to the Lawyers Admission Committee as stipulated in the regulation.

Who should submit it?

• Anyone who occupies or occupies any of the higher positions such as
• politicians, judges, military personnel,
• religious scholars, diplomats, members of the legislative authority
• executive officials in state-owned companies, or the Establishment of professional and charitable societies,
• trade unions, artists and other public figures
• A person with a position in an international organization, such as director, deputy director, or a member of the board of directors
• confidants Close co-workers who are widely known general positions or personal advisors or any or persons
• Family members who are closely associated with the professions of the above members

Takeaways from the Ministerial Resolution No. 130/2022 articles

1. A financial institution or other designated profession in Oman or another country that follows similar regulations for combating money laundering and financing must comply with customer due diligence and record keeping requirements in Oman.

Suspicious or unusual operations:
Any suspicious operations that may be related to crime proceeds, money laundering, or terrorist financing must be reported, regardless of their value.

2. These regulations apply to lawyers, offices, and companies when they carry out a transaction related to any of the specified activities for the benefit of their clients or on their behalf.

3. Lawyers, offices, and companies must comply with all procedures, controls, and measures outlined in the law, and regulations established by the Ministry to ensure that the transactions they carry out are not used to benefit money laundering or terrorist financing.

4. Taking into account all relevant risk factors including customers, location, products, services, refueling, financing, due diligence, etc. 

5. Lawyers, offices and companies must undertake due diligence measures and verify with the proper documents and evidence required. 

BMS Oman can help you prepare the Due Diligence audit report and Financial Audit report for Lawyers, Law firms and other companies practicing legal activities in Oman. We can help you comply with the regulations of the country and take care of your legal and financial worries