As money laundering and terrorist financing methods become more sophisticated, criminals are increasingly using multi-layered corporate structures to hide the individuals behind the business. This lack of transparency makes it difficult for authorities to trace illicit funds. In response, governments across the Middle East are shifting toward stricter transparency measures to align with international standards that require companies to disclose the identity of the ultimate beneficial owners, or UBOs, and maintain a register for the government to inspect at any time. This blog post will highlight the Omani legal framework in this regard and the key UBO obligations in Oman.
