Ministerial Decision 34/2024 Regulating Financial Transfers for Advocacy Works
The Ministry of Justice and Legal Affairs has recently issued an important decision for law firms and lawyers in the realm of financial transactions. This decision regulates financial transfers related to legal services and the amounts received on behalf of clients, mandating that all law firms and civil law offices comply with the procedures for financial transfers. The decision also emphasizes the exception for receiving amounts not exceeding 500 Omani Rials, provided that a financial instrument is issued for the amount received and the purpose of the transaction is transparent. Law firms and lawyers must adhere to this decision as it aligns with the efforts to combat money laundering and terrorist financing, as outlined in the laws and regulations. The decision underscores the seriousness of non-compliance by imposing measures and penalties by the laws related to money laundering and terrorist financing. It is important to note that the effective date of Ministerial Decision No. 34/2024 is January 25, 2024, and all relevant entities must ensure full compliance from that date onward. This decision underscores the commitment to upholding legal and ethical standards in financial transactions, and it is essential for all law firms to fully understand and adhere to its provisions to avoid potential legal consequences.
Originally published February 15, 2024
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