Law Updates

MJLA Regulates Financial Transfers for Lawyers

The Ministry of Justice and Legal Affairs published in this week’s issue of the Official Gazette a decision regulating financial transfers made to advocates as part of the national government efforts in the area of combating anti-money laundering and terrorism fraud schemes.

The new decision requires law firms to receive any payments equal to or exceeding the value of 500 Rial Omani through bank transfers only. For amounts less than 500 Rial Omani, it is permitted for law firms to receive cash payments provided that a receipt is issued in regard to the payment confirming the amount received and the purpose of the payment. Violations of this new decision will be considered violations of the Law of Combating Money Laundering and Terrorism Financing.

This new decision enters into force tomorrow. You can read it in full in English on the link below: