Obligations, Targets and Duration of Freezing Measures

General Obligation No. 1 – Freezing Funds and Economic Resources

Immediate freezing, without delay, within (24) hours, and without prior notice, of all the following funds and economic resources:

1. Belonging to, wholly or jointly owned, held, or controlled, directly or indirectly by the designated (listed) person, group, or entity.

2. Derived or generated from the funds or economic resources mentioned above.

The obligation to freeze also extends to funds or other assets of persons and entities acting on behalf of, or at the direction of, designated persons or entities and persons under their management or control, directly or indirectly. It is prohibited for any person within Omani territory and any Omani national abroad to provide or to make funds or economic resources available to, or provide financial or other related services, directly or indirectly, to or for the benefit of a person whose funds are frozen, whether directly or indirectly, wholly or jointly. Only with respect to freezing measures pursuant to UNSCR 1737 and continued by UNSCR 2231, or freezing measures taken pursuant to UNSCR 2231, the freezing measure applied shall not prevent a designated person or entity from making any payments due under a contract that was entered into before the date of the listing, provided that:

1. The TFS Committee verified that the contract is not related to any of the prohibited items, materials, equipment, goods, technologies, assistance, training, financial assistance, investment, brokerage or services referred to in UNSCR (2231) and any successor resolutions.

2. The TFS Committee has determined that the payments are not directly or indirectly received by a person subject to the measures set out in paragraph 6 of Annex B to UNSCR (2231).

3. The NCTC has notified the United Nations Security Council of the intention of the TFS Committee to make or receive such payments or to authorize, where appropriate, the unfreezing of funds or economic resources for this purpose, 10 working days prior to the date decided for such measure.

General Obligation No. 2 – Prohibit Making Funds and/or Economic Resources Available

No person shall make funds or economic resources available or provide financial or other related services, directly or indirectly, wholly or jointly, to or for the benefit of the designated (listed) person, group or entity. The same applies to persons and entities acting on behalf of, or at the direction of, designated persons or entities, unless authorized or otherwise notified in accordance with the relevant UNSCRs.

General Obligation No. 3 – Notifying the NCTC

All persons, natural and legal, must notify the NCTC within 24 hours from taking a freezing measure and shall specify measures taken regarding such funds or economic resources, in line with the obligations of Decision no. (1/2022) of the NCTC, including any attempts to execute a transaction, and details related to the nature and amount of funds or economic resources that were frozen and any other information that would facilitate compliance with said Decision.

FI/DNFBP/NPO Additional Obligation No. 1

Regular and continuous follow-up for amendments and updates made to the UN/ Local List.

FI/DNFBP/NPO Additional Obligation No. 2

Periodically, and in any case immediately following any changes to the lists, screen their databases of customers, real beneficiaries, business relationships and transactions against the lists of persons designated in the UN / Local List.

FI/DNFBP/NPO Additional Obligation No. 3

Inform the NCTC as soon as they know or suspect that a former or current customer, or any person with whom they have or had dealings in any way, or any person that attempted to deal with them, is a listed person or that the funds or financial resources are subject to a freezing decision under Article (3) of Decision (1/2022) of the Chairman of the NCTC.

FI/DNFBP/NPO Additional Obligation No. 4

Provide the NCTC with all information available to them on the status of funds and economic resources of the persons designated on the List, and any action taken with respect to such, the nature and quantity of frozen funds or economic resources, and any other information that is relevant, or that would facilitate compliance with procedures established in Decision no. (1/2022) of the NCTC.

FI/DNFBP/NPO Additional Obligation No. 5

Immediately freeze the following payments or credits made into and, where exceptionally permitted, from a frozen account:

• Those due under contracts, agreements or obligations that have been concluded or that have arisen before the date the account was frozen.
• Interest rates or returns due on the account.

The NCTC must be notified in either of the above scenarios.

FI/DNFBP/NPO Additional Obligation No. 6

Refrain from notifying or informing the person or others of their intention to implement freezing measures.

FI/DNFBP/NPO Additional Obligation No. 7

Developing internal controls and procedures and implementing measures and systems to inspect customer databases against the list of those included in the list and to apply them effectively, ensuring that these systems allow detecting customers and real beneficiaries subject to targeted financial sanctions. The above-mentioned programs must include internal policies, procedures, systems and controls that ensure the following:

1. Presence and application of high efficiency standards of employees recruitment.
2. Training employees constantly, and informing them of all aspects and requirements of combating terrorist financing, and modern developments and technologies in this regard. This is to ensure detection of transactions and activities related to money laundering and terrorist financing, and is an indication of the procedures that must be followed in those cases.
3. The presence of an adequate audit system to verify compliance with policies, procedures, systems and internal control processes, and to ensure that these measures are effective and in compliance with the provisions of the law on Countering Money Laundering and the Financing of Terrorism no. (30/2016).
4. Conducting background check and identify purposes of all complex, large unusual transactions, and patterns of unusual transactions that have no clear legitimate economic purposes.
5. Examining all transactions and business relationships and taking enhanced due diligence measures proportionate to the degree of risk of individuals from countries that do not adequately implement Countering Money Laundering and the Financing of Terrorism regulations.
6. Develop policies and procedures to identify, assess and manage money laundering and terrorism financing risks that arise from modern technologies, work practices, and modern means of services provision, or those resulting from the use of new technologies or under development. In all cases, a risk assessment must be conducted before launching new products or professional practices or using new or under development technologies.
7. Applying measures related to high-risk countries determined by the National Committee for Countering Money Laundering and Terrorism Financing in accordance with Clause (j) of Article (13) of the law on Combating Money Laundering and Terrorist Financing Act No. (30/2016).