Enhancing Financial Stability through International Cooperation: The National Center for Financial Information (NCFI) of Oman’s Partnership with Somalia
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The National Center for Financial Information (NCFI) of Oman has been actively working towards enhancing financial stability, combating money laundering, and promoting economic development in Somalia through its partnership with the Somali Financial Reporting Center (FRC).
A Strong Foundation: The Memorandum of Understanding (MOU)
In [year], the NCFI and FRC signed a Memorandum of Understanding (MOU) to strengthen cooperation between the two countries in areas such as anti-money laundering (AML) and countering the financing of terrorism (CFT). This partnership has enabled both parties to share knowledge, expertise, and resources to address common challenges.
Enhancing Cooperation through Forums and Meetings
The FRC has organized various meetings and forums with financial institutions, government officials, and other stakeholders to discuss topics such as:
- Mutual evaluation
- Compliance
- AML/CFT measures
These events have facilitated the exchange of ideas, best practices, and experiences between participants, ultimately contributing to a stronger and more effective anti-money laundering framework in Somalia.
Strengthening Measures against Terrorist Financing
The Ministry of Finance has been actively involved in these efforts, including holding meetings with members of the National Anti-Money Laundering & Terrorist Financing Committee (NAMLC) to discuss strengthening measures against terrorist financing and the evaluation process for Somalia’s MENAFATF Mutual Evaluation 2024.
Training and Capacity Building
The FRC has organized training sessions and workshops on AML/CFT and other financial topics to enhance the skills and knowledge of professionals in the field. These initiatives have helped to build capacity and ensure that relevant stakeholders are equipped with the necessary tools to combat money laundering and terrorist financing effectively.
Publications and Press Releases
The FRC has published reports and press releases on its activities and achievements, keeping stakeholders informed about progress made and challenges overcome. This transparency has fostered trust and cooperation among partners, further solidifying the foundation for effective collaboration.
Recent Events and Initiatives
Some of the recent news articles related to the NCFI and FRC include:
- “MENAFATF Mutual Evaluation Exercise Preparation Training” held in Nairobi, Kenya
- “THE FORMAL MEETING FOR MEMBERS OF THE NAMLC” held at the Ministry of Finance
- “NAMLC held its ordinary monthly meeting and discussed important issues”
- “MENAFATF 37th Plenary In Nouakchott, Islamic Republic of Mauritania 4-5 December 2023”
- “MENAFATF 36th Plenary Manama Kingdom of Bahrain 23 -25 May 2023”
- “MENAFATF 35th Plenary Rabat – Kingdom of Morocco 24 – 25 November 2022”
- “MENAFATF 34th Plenary Manama -Kingdom of Bahrain 24 – 25 May 2022”
Conclusion
The partnership between the NCFI and FRC is a testament to the commitment of both parties to enhancing financial stability, combating money laundering, and promoting economic development in Somalia. Through their collaborative efforts, they have made significant progress towards achieving these goals, setting an example for other countries to follow.