Financial Crime World

Somali Financial Reporting Center Announces New Procedures for Physical Cash Transports

Enhancing Transparency and Accountability in the Financial Sector

The Somali Financial Reporting Center (FRC) has announced new procedures for the approval process of physical cash transports from and into the country. The agency aims to enhance transparency and accountability in the financial sector, as part of ongoing efforts to combat money laundering and terrorist financing.

Consultations Underway

  • The FRC has been holding consultations with various stakeholders, including financial institutions and government agencies.
  • Memoranda of understanding (MOUs) have been signed with organizations such as the National Center for Financial Information (NCFI) of Oman and Ziraat Bank.

Upcoming Consultations

  • A meeting on November 18, 2023, in Nairobi, Kenya, focused on the MENAFATF Mutual Evaluation Exercise Preparation Training.
  • Another meeting is set for November 28, 2023, at the Ministry of Finance, which will focus on the FRC’s preparations for the MENATAF Mutual Evaluation.

Recent Announcements

  • A productive meeting with the Chief of Cabinet and the advisor for OPM Cabinet Affairs regarding the smooth progress of the country’s preparations for the MENATAF Mutual Evaluation.
  • A high-level consultation meeting for financial institutions on the preparation of the MENAFATF Mutual Evaluation 2024.

FRC Annual Report 2023

The FRC has released its annual report for 2023, which provides an overview of the agency’s activities and achievements during the past year. The report highlights the FRC’s efforts to strengthen measures against money laundering and terrorist financing.

UN Sanction List

  • The UN has released a list of individuals and entities subject to sanctions under Resolution 1970 (2011). The list can be accessed on the UN website.

New Vacancy

The FRC is currently seeking applications for a new vacancy. Interested candidates should submit their applications by [date].

Browse through our photo gallery for images from recent events and meetings.

Contact Us

For more information or to schedule an interview, please contact the FRC at [email address] or [phone number].