Institutional Development of the Financial Reporting Center (FRC)
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National AML/CFT Committee and Taskforce
The National Anti-Money Laundering Council (NAMLC) has policy-making and oversight responsibility for the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime in Somalia. Key responsibilities include:
- Developing a national strategy to combat money laundering and terrorist financing
- Providing funding for capacity building initiatives
- Setting strategic priorities for the FRC
- Establishing information sharing arrangements
- Enhancing domestic coordination
Taskforce
The AML/CFT Taskforce was created to operationalize and enforce NAMLC directives. Key objectives include:
- Identifying money laundering/terrorist financing (ML/FT) risks
- Proposing institutional arrangements for training and capacity-building initiatives
- Reviewing legal reforms necessary for effective combat against ML/FT
Financial Reporting Center (FRC)
The FRC is an independent national agency responsible for:
- Receiving, analyzing, and disseminating information concerning money laundering and terrorist financing
- Investigating financial crimes
- Issuing regulations and guidelines for reporting entities
Role of the FRC
The FRC aims to become a trusted and exemplary agency in support of a robust financial system hostile to financial crimes. Key objectives include:
- Building an environment that identifies and eradicates ML/FT
- Fulfilling Somalia’s international obligations to combat money laundering and terrorist financing
Key Stakeholders Involved in the Taskforce
The following stakeholders are involved in the Taskforce:
1. Director of FRC (Chair)
- Provides overall leadership and direction for the Taskforce
2. Deputy Governor of the Central Bank
- Represents the financial sector’s interests and expertise
3. Deputy Director General of NISA
- Brings law enforcement expertise to the Taskforce
4. Deputy Attorney General
- Ensures that legal considerations are taken into account
5. Director General of the Ministry of National Security
- Represents national security interests and concerns
6. Director General of the Ministry of Finance / Customs
- Brings expertise on financial regulations and customs operations
7. Director General of the Ministry of Commerce and Industries
- Represents the interests of businesses and commerce
8. Director General of the Ministry of Justice
- Ensures that legal considerations are taken into account