Speaking earlier this week, the Chairman of the Central Bank, Hamoud bin Senjour, revealed that banks and financial institutions in Oman have already been put on the alert, and are undertaking increased due diligence on clients.

'We have drafted a new law in this regard and it will be issued soon,' he told a UAE newspaper, adding that: 'The law includes [a] definition of money laundering, penalties imposed against offenders and means to combat this phenomenon so the sultanate will not become a haven for illegal funds.'

Mr bin Senjour declined to give further detail regarding the law, although he said that it had been prepared with the assistance of international finance experts.