Financial Crime World

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FRC Announces New Procedures for Physical Cash Transports

The Financial Reporting Center (FRC) has announced new procedures for the approval process of physical cash transports from and into Somalia. According to a statement issued by FRC, these new procedures aim to strengthen measures against money laundering and terrorist financing.

Strengthening International Standards

  • The new procedures are designed to ensure compliance with international standards and best practices in the fight against financial crimes.
  • All stakeholders, including banks, financial institutions, and individuals involved in physical cash transports, are urged to familiarize themselves with the new procedures and adhere to them strictly.

FRC Signs MOU with Oman’s National Center for Financial Information

The Somali Financial Reporting Center (FRC) has signed a Memorandum of Understanding (MOU) with the National Center for Financial Information (NCFI) of Oman. This MOU aims to enhance cooperation and collaboration between the two institutions in the areas of financial reporting, anti-money laundering, and combating the financing of terrorism.

Strengthening Financial Sector Integrity

  • The FRC hailed the signing of the MOU as a significant step towards strengthening financial sector integrity and promoting international cooperation in the fight against financial crimes.
  • This partnership will facilitate sharing of best practices, expertise, and resources to combat financial crimes more effectively.

FRC Meets with Ziraat Bank to Discuss AML/CFT Compliance

The Financial Reporting Center (FRC) has held a productive meeting with Ziraat Bank to discuss anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance. The meeting aimed to review the bank’s current AML/CFT measures and provide guidance on how to improve them.

Improving AML/CFT Systems

  • The FRC emphasized the importance of robust AML/CFT systems in preventing financial crimes and maintaining a stable financial system.
  • The meeting provided an opportunity for the FRC to offer guidance and support to Ziraat Bank in improving its AML/CFT measures.

FRC Meets with Office of the Prime Minister to Discuss MENATAF Mutual Evaluation

The Financial Reporting Center (FRC) has held a high-level consultation meeting with the Office of the Prime Minister (OPM) to discuss preparations for the Middle East and North Africa Financial Action Task Force (MENAFATF) mutual evaluation in 2024.

Preparing for Mutual Evaluation

  • The meeting aimed to review progress made so far and provide guidance on how to improve preparedness for the mutual evaluation.
  • The FRC emphasized the importance of a successful mutual evaluation in strengthening Somalia’s financial sector and promoting international cooperation in the fight against financial crimes.

FRC Holds Quarterly Meeting with Financial Institutions

The Financial Reporting Center (FRC) has held its third quarterly meeting with financial institutions to discuss key aspects of anti-money laundering and combating the financing of terrorism. The meeting aimed to review progress made by financial institutions in implementing AML/CFT measures and provide guidance on how to improve them.

Strengthening AML/CFT Systems

  • The FRC emphasized the importance of a robust AML/CFT system in preventing financial crimes and maintaining a stable financial system.
  • The meeting provided an opportunity for the FRC to offer guidance and support to financial institutions in improving their AML/CFT measures.

FRC Chairman Meets with National Anti-Money Laundering Committee

The Chairman of the Financial Reporting Center (FRC) has met with the National Anti-Money Laundering Committee to discuss key issues related to anti-money laundering and combating the financing of terrorism. The meeting aimed to review progress made so far in implementing AML/CFT measures and provide guidance on how to improve them.

Strengthening AML/CFT Measures

  • The FRC emphasized the importance of a robust AML/CFT system in preventing financial crimes and maintaining a stable financial system.
  • The meeting provided an opportunity for the FRC to offer guidance and support to the National Anti-Money Laundering Committee in improving its AML/CFT measures.

FRC Annual Report 2023

The Financial Reporting Center (FRC) has released its annual report for 2023, highlighting key achievements and challenges faced by the center in the fight against financial crimes. The report provides an overview of the FRC’s activities in 2023, including its efforts to strengthen anti-money laundering and combating the financing of terrorism measures, promote international cooperation, and enhance transparency and accountability in the financial sector.